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Old 01-22-2010, 11:29 AM
 
Location: The Republic of Texas
61,366 posts, read 31,056,395 times
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Quote:
the Great Depression of the 1930s led instead to a rise of restrictions in world trade. Imperial or regional systems of preference came into being:


GATT's normal business involved negotiations on specific trade problems affecting particular commodities or trading nations, but major multilateral trade conferences were held periodically to work out tariff reductions and other issues. Seven such “rounds” were held from 1947 to 1993, starting with those held at Geneva in 1947 (concurrent with the signing of the general agreement); at Annecy, France, in 1949; at Torquay, Eng., in 1951; and at Geneva in 1956 and again in 1960–62. The most important rounds were the so-called Kennedy Round (1964–67), the Tokyo Round (1973–79), and the Uruguay Round (1986–94), all held at Geneva. These agreements succeeded in reducing average tariffs on the world's industrial goods from 40 percent of their market value in 1947 to less than 5 percent in 1993.
SCM | Tariff and Trade in International Trade: Trade Agreements


Somebody knew something in times of depression. So much by 10 years later, other countries wanted a piece of the American Pie.

Look where we are now, by that one little mistake, repeated 6 times.
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