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Making Progress in International Institutions and Law

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Chapter Summary

The international law and institutions that now exist have demonstrated a remarkable evolution in the 60 years since a burst of activity immediately after World War II created much of the international institutional system. The vast destruction and searing experience of the Second World War led the victorious Allied leaders to try creatively to build the political and economic structures necessary to avoid further world wars and depressions. Other key international institutions were designed to deal with economic issues. The International Monetary Fund (IMF) was created to promote international monetary cooperation and stability in foreign exchange. An International Trade Organization (ITO) was planned as an institution to provide a structure and enforcement for rules that would regularize and encourage international trade. These post-World War II institutions continue to exist today, except for the GATT, which was subsumed into the new World Trade Organization in 1995.

Keywords: international institutions; International Monetary Fund (IMF); International Trade Organization (ITO); World Trade Organization



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