*Establishment of the Bretton Woods System (1944)*
- The Bretton Woods System was established in 1944, with the aim of promoting international economic cooperation and stability.
- The system created the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which later became part of the World Bank Group.
- The US played a dominant role in shaping the Bretton Woods System, which established the US dollar as the global reserve currency.
*General Agreement on Tariffs and Trade (GATT) (1947)*
- GATT was established in 1947, with the aim of promoting free trade and reducing tariffs.
- The US played a key role in shaping GATT, which established a framework for international trade negotiations and dispute resolution.
- GATT helped to reduce tariffs and promote trade liberalization, which contributed to the growth of international trade.
*Marshall Plan (1948-1952)*
- The Marshall Plan was a US-led program aimed at rebuilding European economies after WWII.
- The plan provided billions of dollars in economic assistance to European countries, which helped to promote economic growth and stability.
- The Marshall Plan also helped to promote US trade interests, as it encouraged European countries to adopt free market policies and reduce trade barriers.
*US Trade Dominance (1945-1970)*
- The US emerged as a dominant global economic power after WWII, with a strong economy and a significant share of global trade.
- The US used its economic power to promote its trade interests, including the establishment of the Bretton Woods System and GATT.
- The US also used its economic power to promote its foreign policy interests, including the containment of communism and the promotion of democracy.
*Key Figures and Events*
- *Harry S. Truman*: The 33rd President of the United States, who played a key role in shaping US foreign economic policy after WWII.
- *George Marshall*: The US Secretary of State, who played a key role in shaping the Marshall Plan and promoting US trade interests in Europe.
- *The Kennedy Round (1964-1967)*: A major trade negotiation round under GATT, which aimed to reduce tariffs and promote trade liberalization.
- *The US Trade Expansion Act (1962)*: A US law that aimed to promote US trade interests and provide the President with greater authority to negotiate trade agreements.
*Economic and Social Impact*
- *Global Economic Growth*: The US post-WWII trade dominance contributed to rapid global economic growth, as international trade expanded and economies became more interconnected.
- *US Economic Growth*: The US economy experienced rapid growth during this period, driven by its dominant position in international trade and its strong economic fundamentals.
- *Income Inequality*: The US post-WWII trade dominance also contributed to income inequality, as the benefits of trade were not evenly distributed and some groups were left behind.
- *Global Governance*: The US post-WWII trade dominance helped to establish the US as a global leader, and its institutions and policies continue to shape global governance today.