Why countries gain from international trade?
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As long as the United States dominated the world economy , with Europe and its firms in ruins , it was unclear just how broadly distributed the gains from trade would be (Fine , 393 ) If free trade benefited the Americans and nobody else , how just could such a policy be Keynes , while no protectionist , was generally unsympathetic toward postwar American trade policy , which he viewed as dogmatic and detrimental to Britain ‘s domestic policy goal of full employment
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He to retain the Imperial Preference system (Fine , 393 ) as a transition to freer trade , while agreeing that British action in removing preferences might be tied to the lowering of tariffs by the United States (Fine , 393 As ideas about the future trade were being exchanged in 1945 and 1946 , they were accompanied by fears that the United States would soon enter a postwar depression
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How then would Europe be able to earn the foreign exchange needed to finance reconstruction These larger concerns about political economy and the future of American-style capitalism colored discussions between the United States and Britain over the trade
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Writer Name] [Supervisor Name] [Subject] [Date] International Trade While few doubted , in the post-war era , that in theory free trade produced a more efficient use of the world ‘s scarce resources , its execution when the allocation of economic power was so lopsided struck various as disingenuous
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Keynes himself argued that democracy was a fragile institution , and that another depression “might easily mean the downfall of our present system of democratic government (Rawls , 6 By 1946 , having established the Bretton Woods system and having held regular rounds of discussions on trade , the United States , Great Britain and other participating countries were ready to move toward drafting a charter for the ITO
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In fact , the United States and its allies were pursuing a two-track trade policy at this time
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The establishment of full employment policies was at the core of Britain ‘s vision for the postwar world
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From Europe ‘s perspective , the problem was that , in the event the United States slipped into a recession , its imports would likely fall and its exports pushed to third markets
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If that had occurred , the economic repercussions would have been much worse than during the 1930s , given the immense and urgent need for European reconstruction
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This was meant to be a temporary instrument upon its establishment , the ITO was intended to subsume the GATT ‘s functions , as well as tackle the broader issues of trade and employment (Rawls , 6
