Trade and Business Legacy

Hello guys, i want to tell little bit about western Economic System.

The western economic system, at the time US used unequaled economic and military dominance to construct a set of institution to manage the world economy, the target was to created a system that had liberal attributes, but didn't undermine domestic stability. Western state parcitipated in a number of economic institution design to free economic exchange and there are three Interntional organization were created to oversee the Liberal International Economic order, there is IMF,World bank and GATT. World Bank and IMF were designed in 1944  to support a stable monetery system and fund postwar rescontruction, and GATT served outline for gradually liberalizing trade and they were created to overcome the constant economic problem in 1930.

At that time Europe states which hiding under US and NATO security and created Economic Comunnity, and evolved into Europe Union and in process brought Europe much closer to political union. In 1970s, nothern states increasingly move from providing welfare to preparing their citizen for global economic competition, the US push for reform to the trade, financial and monetary regimes, which were disign to give greater play to market forces and reduce ability of the state to intervene in the economy.

Its really contrast with communist system economy, in western system more use individuals and cooperation goods and allocation to supply and demand of the market, but communist always eliminated privet property through central plaing of the state.