The Demise of the ITO and the Rise of Bilateral Treaties (Mid-1940s–Late 1960s)
This chapter describes the establishment of the General Agreement on Tariffs and Trade (GATT) and the unsuccessful efforts to create the International Trade Organization (ITO) during the early post-Second World War period. It also analyses other developments from the mid-1940s to the late 1960s — including the liberalization of foreign exchange controls within the International Monetary Fund (IMF) and the liberalization of capital movements within the Organization for Economic Cooperation and Development (OECD). The chapter also analyses key developments in the evolution of the multilateral investment system over the entire second half of the 20th century. It also considers the principal factors that influenced those developments and the implications of the agreements for the evolution of the international regime for investment in later years.
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