Following the Industrial Revolution and the Second World War, technological progress has continued to grow at an even greater speed. ... By looking at a single country's economy such as Canada, we know that when settlers first arrived their economy consisted of exchanging goods among individuals. ...
This will decrease conflicts and war that occur due to territorial issues. ... There are many wars that happen due to territorial issues (Frieden, Lake, Schultz, 2014). ... When nations decide to disregard boundaries drawn by history, culture, language, and religion, there will not be unnecessary tension and war. ...
Furthermore, bilateral agreements often risk leading to trade wars, which disrupt normal trading relations. ... When the United States and the United Kingdom imposed trade barriers in the early 1930s in response to the economic recession that soon became the Great Depression, they made it harder for other countries to resist also going down that path, by either provoking retaliation, which Canada did to the United States, or setting an example that affects the political economy of tariffs in other countries. ...
This was brought to a halt by the First World War and the bout of anti-free trade protectionism that led to the Great Depression in 1930. ... The end of the Second World War brought another great expansion of capitalism with the development of multinational companies interested in producing and selling in the domestic markets of nations around the world. ... The fall of the Berlin Wall and the collapse of the Soviet Union ended the cold war between the forces of capitalism and socialism with capitalism triumphant. ... The International Monetary Fund (IMF) was established in the wake of the Wor...
