Those participants in this conference created three organizations to help regulate the international economy. The first is the International Monetary Fund (IMF) which was established with the idea of regulating monetary policy. One of the benchmarks of the IMF is the stabilization of exchange rates and the loaning of money to help stabilize countries with balance of payments deficits. The second organization established was the General Agreement on Tariffs and Trade (GATT) whose main focus was on a liberal trading order. Their mission was to reduce trade barriers on manufactured goods and to build-up the principle of most-favored nation (MFN) status. This would impose a sense of fairness between countries in that each was required to levy the same low tariffs on each others imports. The third and final organization sponsored by Bretton Woods is the World Bank. The World Bank's most ambitious aim was the fostering of economic development. This is accomplished through loans to struggling countries. In addition to the World Bank, the International Finance Corporation was annexed to provide loans to corporations who are seen to help aide in poor countries" development. These three organizations within the Bretton Woods agreement captured the cooperation of the global community due to the one thing they all found in common: a commitment to a free market and economic freedom. In the 17th and 18th century, the American revolution was triggered by the Sugar Act of 1764 and the Stamp Act of 1765. The Sugar Act imposed import duties on foreign molasses, sugar, wine, and other commodities. The Stamp Act provided a tax on all important documents, periodicals, almanacs, pamphlets, and playing cards. The colonists believed that these control practices were unfounded since they advocated "No taxation without Representation." These protectionist measures contributed to the conflict which led to the American revolution.
