ABSTRACT
The modern framework for trade rules and the global economy was established in the late 1940s, with the creation of the General Agreement on Tariffs and Trade (GATT), the International Monetary Fund (IMF), and the World Bank. These institutions were developed in response to two particular historical events-the Great Depression and World War II. At their inception, GATT, IMF, and the World Bank were viewed as a means to stabilize global markets and political conditions, to prevent a reoccurence of the tariff wars, widespread inflation, and currency devaluation that many believed contributed to both economic decline and the rise of fascism.
