Question

Since the middle of the 20th century, the international global business system has been shaped by global institutions. Countries have established these institutions to address the global issues that span their borders. The functions of these organizations have been established in international treaties. International businesses need to be aware of the functions of these organizations as they can have a profound impact on trade and commerce.

It is critical for businesses to understand which organizations do what. It is also extremely useful to understand when these organizations were created since each emerged in response to changes, crises, or developments in the global business system. Identify the order in which these organizations were created.

a. GATT
b. Bretton Woods Institutions: IMF and the World Bank
c. WTO
d. G20
e. UN

Answer 1

The order in which these organizations were established, from first to last are,

1. Bretton Woods Institution: IMF and the Word Bank

2.United Nations

3. GATT

4. WTO

5. G20

Step-by-step explanation:

The organizations mentioned above were created on the international forum, either to foster peace or economic growth among the nations involved. In the order in which they were created from first to last, we have;

1. Bretton Woods Institution: IMF and the World Bank- These were created on July 1944, by 43 countries in Bretton Woods, New Hampshire, United States. They were established to rebuild the economy of nations after the World Wars by encouraging cooperation among the economic drivers of these nations.

2. United Nations- This organization was created on 24th October 1945. Its aim is to enhance and promote International Peace through its policies.

3. General Agreement on Tariffs and Trade- This is a legal understanding among several nations with the intention of reducing to reasonable extent, and if possible eliminating trade barriers such as tariffs. It was established on 30th October, 1947.

4. World Trade Organization- It was established with the intention of regulating trade among nations. It was established on 1st January, 1995.

5. G20- Short for Government of 20, this is a meeting meant for both the leaders as well as the Central Bank governors of about 19 countries, along with the European Union. It was established on 20th September, 1999.