Abstract

The architects of the postwar international economic order had foreseen the creation of three institutions: the International Monetary Fund (IMF), the World Bank, and the International Trade Organization (ITO). The IMF and the World Bank were established, but the ITO never came into existence. All that remained of the ITO was its chapter on commercial policy, which entered into effect for 23 countries in 1947 as the General Agreement on Tariffs and Trade (GATT).

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