The launch of the GATT and international trade order and system and the multilateral trade system

Introduction. It is an assignment on the launch of the GATT and international trade order and system and the multilateral trade system. I wrote about the transition from GATT to WTO, the performance and limitations of GATT and WTO, organizational structure, basic principles, and multilateral trade system. I covered GATT and WTO in detail while googling as much as possible. When you write an assignment, it will be very helpful if you refer to it! Table of Contents General Agreement on Tariffs and Trade (GATT) and International Trade Order 1. Appearance of GATT. 2. Basic principles of GATT. 3. GATT's activities. 4. Performance and limitations of GATT. The launch of the World Trade Organization (WTO) system and a multilateral trade system. 1. Multilateral trade system 2. The appearance of WTO. 3. The basic principles of the WTO. 4. What are the similarities and differences between GATT and WTO? 5. The function of WTO. 6. WTO's performance and criticism. The appearance of GATT. In World War I, the United States, which gained huge benefits by providing military supplies to allied forces, enjoyed a long-term economic boom. This long-term boom in the United States resulted in overproduction and overconsumption due to production investment and facility investment, and the rise in productivity caused by the Industrial Revolution led to excessive supply compared to demand, resulting in excessive surplus resources. As a result, factories began to scale down and a huge number of unemployed people occurred. As the purchasing power of goods declined, more factories went bankrupt. The factory's bankruptcy led to another unemployed outbreak. In addition, after the war, the United States was closely connected to various countries, so the United States' economic power over the world was very influential, which led to the Great Depression in 1929. Since then, the prolonged Great Depression and World War II have deepened protectionism for each country to protect its economy. The United States, which won World War II, created the International Monetary Fund (IMF) and the International Bank for Revival Development (IBRD) with the signing of the Breton Woods Agreement on the basic principles of expanding free trade and increasing global employment, production, and consumption. In addition, the Allies tried to plan and establish the International Trade Organization (ITO) due to the need for an international trade organization, but as a temporary measure, 23 countries signed in Geneva in 1947 to abolish tariffs and increase trade, resulting in the emergence of the General Agreement on Tariffs and Trade (GATT) agreement.