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In other words, the Keynesian economics were implemented on the belief that low levels of consumptions generate the economic crisis, and that "a fall in national income, lack of demand for goods, and rising unemployment should be countered by increased government expenditure to stimulate the economy" (the Free Dictionary by Farlex, 2008).
Not long after John Maynard Keynes stated his principles, the allied states signed the monetary agreement at Bretton Woods. The new system was basically centered on creating international price stability, which contradicted the ideas of Keynes and his growth theories. He stated that the international stability would eventually be reached through trade, but his beliefs were not shared by the major participant and the largest creditor of the time, the United States of America. To reach the objective of global stability, two institutions were formed to coordinate and supervise financial operations: The International Bank for Reconstruction and Development and the International Monetary Fund. Also, they implemented "a system of fixed exchange rates with the U.S. dollar as the key currency" (Dammasch).
After three years since the agreement on the international monetary system was signed, the efforts to create the third major organization, the International Trade Organization, had failed....
This then led to the creation of the GATT, or the General Agreement on Tariffs and Trade. The GATT is a primary responsibility of the WTO, World Trade Organization, and is must be complied with by all member countries. The agreement continues to be expanded to include numerous new members and it is also constantly developed and adapted.
References
Adelman, I., the Genesis of the Current Global Economic System, College of Natural Resources at UC Berkeley, http://are.berkeley.edu/~adelman/KEYNOTE.htmllast accessed on March 17, 2008
Biddle, J.E., Emmett, R.B., Samuels, W.J., 2005, Research in the History of Economic Thought and Methodology, Research Annual Volume 23, Emerald Group Publishing Limited
Dammasch, S., the System of Bretton Woods - a lesson from history, Retrieved at http://www.ww.uni-magdeburg.de/fwwdeka/student/arbeiten/006.pdfon March 17, 2008
2003-2008, What is Keynesian Economics?, Wise Geek, http://www.wisegeek.com/what-is-keynesian-economics.html. Ast accessed on March 17, 2008
2008, GATT and the Goods Council, Official Website of the World Trade Organization, http://www.wto.org/english/tratop_e/gatt_e/gatt_e.html. Ast accessed on March 17, 2008
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