Question

What is the purposes of the Bretton Woods Conference? I would like you to think of a nation's interests in protecting the economic welfare of its own citizens.

What are some of the benefits of free and open international trade, in which barriers to commerce between nations are either very minimal or non-existent? What are some of the downsides? If you were a member of the US Congress, what type of legislation would you support on this issue, and why?

Answer 1

Bretton woods conference formally known as the UN monetary and financial conference was the gathering of 730 members of all 44 allied nations at the mount Washington hotel situated in bretton woods   purpose of this metting - after world War II many countries economy are deficit.buildings,roadsand other infrastructures got damged. As an initiative to speed up the reconstruction process letting was held . Recently United Nations celebrated it's 75th anniversary, it constitute of 180 nations. Every nation can point out it's own interest relating economic, war, natural calamities , disasters, terrorism... all are discussed in the metting , later collective appropriate decision taken out. Benefits of Free and open international trade - This trade usually held between two countries eg - country like USA is a wild producer of pharmaceuticals and country like South Korea is a producer of television? . So both countries can exchange it's own products by an agreement called free trade agreement .This trade is monetarised by the principles of world trade organisation Advantages - 1,country can increase it's production greater to trade with other country. 2,growth of economy of two countries get faster and increase. 3,by trading this way economies will be in good balance and peace will generate.4, Availablity of variety all over the world. 5,prices of goods becomes more cheaper. Disadvantages-1,more overly countries should compromise each other to hold a free trade agreements. 2,it can decrease domestic investments . 3,by do not promoting domestic agriculture, trade and other investments job becomes less to the domestic seekers .   if I were a member of us Congress the following suggestions will be indroduce and support 1,giving more prominence to agriculture. According to the soil and vegetation increase crop cultivation. 2,issueing some limits between agreement to protect domestic job seekers. 3,there should a need of a help to low economic countries during fta aggrement.