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    Current page location: Home > Answers > Which country contributed the most to the economic globalization, Great Britain, the Netherlands, USA, or China?
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    Ye Li
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    Which country contributed the most to the economic globalization, Great Britain, the Netherlands, USA, or China?

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    • Time:2018-10-19 17:05:26
    Which country contributed the most to the economic globalization, Great Britain, the Netherlands, USA, or China?
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    Siyu Song
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    I’d say the United States, the country which single-handedly ran the Bretton Woods System from 1945 to 1973 which promoted globalisation in the Post-WWII era.

    The rise of Keynesian Economics in the 1940’s and its adoptation by European and Asian economies led to the creation of TNCs and MNCs which were ultimately the big players of globalisation. It was during this time that fast-food chains (McDonald’s and KFC) and car brands (BMW, Mercedes-Benz, Toyota) really spreaded to all corners of the world.

    The Bretton Woods System, supported by the three pillars of the IMF, the World Bank and the General Agreement on Trade and Tariff (GATT) facilitated the rise of globalisation which continues till today.

    If the U.S. had not institutionised the BWS, chances are that European countries would have recovered slower and there would be lesser incentives and willingness for free trade to occur between countries (globalisation). It was the US Dollar peg and the presence of the World Bank which increased confidence in the practice of globalisation.

    #1Floor 2018-10-19 17:32:02 Reply(0)
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