A well-functioning global economy is a global asset, one that the United States has played a central role in building. Since the end of World War II, the belief that trade and economic cooperation could promote peace has led the United States to take the initiative in creating the United Nations and the United Nations agencies, the GATT/WTO, the Bretton Woods institutions, regional development banks and systems and standards (e.g. BIS capital adequacy standards, legal frameworks for intellectual property rights) that enable different countries to trade, invest beyond borders, to cooperate in research and development and to provide assistance in times of adversity. The United States also led China’s integration into the world economy and the resolution of global crises such as the collapse of the USSR or the 2008 financial crisis. The European Union emerged from the ruins of the World War II, driven by the same conviction that trade and economic cooperation could promote peace.
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First published: Tue 05 Jul 2022. 23:11 IST