A well-functioning world economy is a global asset, one that the US has had a central role in building. Since the end of WWII, the belief that trade and economic cooperation could foster peace guided the US to take a lead in creating the UN and UN agencies, GATT/WTO, the Bretton Woods institutions, regional development banks and systems and norms (e.g. BIS norms for capital adequacy, legal frameworks for IP rights) that enable different countries to trade, invest across borders, cooperate in research and development, and provide assistance when adversity strikes. The US has also led China’s integration into the world economy and the resolution of world crises such as the collapse of the USSR or the 2008 financial crisis. The European Union emerged from the ruins of WWII animated by a similar conviction that trade and economic cooperation could foster peace.
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