Being in the best position to take advantage of free trade, culturally indisposed to traditional empires, and alarmed by the rise of communism in China and the detonation of the first Soviet atom bomb, the historically non-interventionist US also took a keen interest in developing multilateral institutions which would maintain a favorable world order among them. The International Monetary Fund and International Bank for Reconstruction and Development (World Bank), part of the Bretton Woods system of international financial management was developed and, until the early 1970s, the existence of a fixed exchange rate to the US dollar. The General Agreement on Tariffs and Trade (GATT) was developed and consists of a protocol for normalization and reduction of trade tariffs.
Being in the best position to take advantage of free trade, culturally indisposed to traditional empires, and alarmed by the rise of communism in China and the detonation of the first Soviet atom bomb, the historically non-interventionist US also took a keen interest in developing multilateral institutions which would maintain a favorable world order among them. The ,International Monetary Fund and International Bank for Reconstruction and Development (World Bank) part of the Bretton Woods system of international financial management was developed and until the early 1970s, the existence of a fixed exchange rate to the US dollar. The General Agreement on Tariffs and Trade (GATT) was developed and consists of a protocol for normalization and reduction of trade tariffs.