The GATT System

Please choose the most appropriate answer for each sentence.
  • 1

    Our world emerged from the ..... of World War II in 1945.

  • 2

    The challenge then was to reconstruct economic stability in the face of ..... disorder and enormous dislocation, to regain a feeling of global community and establish a base for future prosperousness and growth.

  • 3

    The engineers of a new system had to construct from the ground ....., and they demonstrated vision and far-sightedness; after fifty years of progress raised on the foundations that they laid then, we now often take for granted that which was new and imaginative at at that time.

  • 4

    The late 1940s was not only about the finish of the most devastating war ever .....; it was also concerned with the control of dangerous economic nationalism and the quest for a new world order.

  • 5

    Defending a rules-based system on a daily basis has been greatly assisted by the fact that the system gave ..... to the markets rather than the governments in deciding economic outcomes.

  • 6

    The governments ..... their responsibility, but concentrated on creating basic conditions for prosperity and promoting liberalization; they considered direct intervention only under circumstances where markets were thought wanting.

  • 7

    The key idea of the rules-based system is non-discrimination, and this emerged from the ..... that exclusive dealings and in-groups helped stoke those rivalries and conflicts that drove the community of nations into the Second World War.

  • 8

    The patchwork ..... of agreements that had undermined the unity and continuity of interwar economic relations was replaced with unified rules.

  • 9

    And more basically, the non-discrimination principle ..... universality as a central goal of the trade system, guaranteeing that the GATT system would eventually become a force majeure in the integration of the world's economies.

  • 10

    Answers for the challenges that goverments face today and tomorrow will continue to call for ..... action on a range of fronts.

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