Foundation of the World Trade Organization
The idea to establish an organization, which regulates the international trade, arose after the Second World War, just like the idea to found the United Nations (UN), the International Monetary Fund (IMF) and the World Bank. The idea based on the free trade theories of Adam Smith and David Ricardo, but was also boosted by the Great Depression in the 1930s, because the return to economic protectionism was considered as a reason for the Second World War. Therefore thought one, that economic agreements could protect peace between the countries.
Foundation of the World Trade OrganizationThe idea to establish an organization, which regulates the international trade, arose after the Second World War, just like the idea to found the United Nations (UN), the International Monetary Fund (IMF) and the World Bank. The idea based on the free trade theories of Adam Smith and David Ricardo, but was also boosted by the Great Depression in the 1930s, because the return to economic protectionism was considered as a reason for the Second World War. Therefore thought one, that economic agreements could protect peace between the countries.
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