Push for open markets

Article Abstract:

The US isprimarily responsible for the stiff global competition in international trade today. After World War II, the US was a highly industrialized country with a fluorishing economy but no market to sell its products. US policy-makers opted to help reconstruct the world market and the Bretton Woods system was conceived. The World Bank, the International Monetary Fund and GATT were the main constituents of the Bretton Woods system. Gatt proved to be very successful, especially in rebuilding the economy of Japan and West Germany.

History, Bretton Woods Conference, 1944

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Renegotiating GATT

Article Abstract:

The Bush administration decided to focus on renegotiating GATT in an attempt to circumvent futile efforts to open foreign markets. One of the three main objectives the US would like to see covered during the GATT negotiations concerned the elimination of farm subsidies and regulation of agricultural products under GATT. The US would also like GATT to specify rules that would protect intellectual property rights as well as international trade of banking and insurance services.

Laws, regulations and rules, International trade regulation

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From surplus to deficit

Article Abstract:

The status of the US as a global economic giant was reversed by several factors. Initially, the competetive pressure imposed on US high-techonology andheavy-industry products by Japan and West Germany was exacerbated by the adventof the Vietnam War. Financial support of the prolonged war had shortchanged theUS economy. In addition, Pres Ronald Reagan's defense spending in 1981 had further reduced the once overflowing US economy with a trade deficit of $174 billion by 1987.

Analysis, Balance of trade, International competition (Commerce), International competition (Economics)

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