This could result in disastrous trade wars. However, we do not have these wars. ... After the Word War II ended, "the world leaders wanted to avoid "destructive pre-war isolationist economic policies" and agreed to unify under GATT. ... After these eight years, nations were worried that a new global trade war could occur; therefore, they agreed to deal and finish the Uruguay Round. ...
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. ...
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...
