WTO & IPR
1.1 History World War II
, global military conflict that, in terms of lives lost and material destruction, wasthe most devastating war in human history. It began in 1939 as a European conflict betweenGermany and an Anglo-French coalition but eventually widened to include most of thenations of the world. It ended in 1945, leaving a new world order dominated by the UnitedStates and the Union of Soviet Socialist Republics (USSR). More than any previous war,
World War II involved the commitment of nations’ entire human and economic resources,
the blurring of the distinction between combatant and noncombatant, and the expansion of
the battlefield to include all of the enemy’s territory. The most im
portant determinants of itsoutcome were industrial capacity and personnel. In the last stages of the war, two radicallynew weapons were introduced: the long-range rocket and the atomic bomb. In the main,however, the war was fought with the same or improved weapons of the types used inWorld War I (1914-1918). The greatest advances were in aircraft and tanks.A rough consensus has been reached on the total cost of the war. The human cost isestimated at 55 million dead
25 million in the military and 30 million civilians. The amountof money spent has been estimated at more than $1 trillion, which makes World War II moreexpensive than all other wars combined.
Bretton Woods Conference
, popular name of the United Nations Monetary and FinancialConference that took place July 1-22, 1944, at Bretton Woods, a vacation resort in NewHampshire. The conference was attended by representatives of 44 nations, during WorldWar II to shape a program for international economic cooperation. Conference resulted inthe creation of the International Monetary Fund to help stabilize international exchangerates, the International Bank for Reconstruction and Development to provide economicassistance to war-ravaged nations, and the General Agreement on Tariffs and Trade (GATT).These organizations became operational in 1945 after a sufficient number of countries hadratified the agreement. The summary of agreements states, "The nations should consult andagree on international monetary changes which affect each other. They should outlawpractices which are agreed to be harmful to world prosperity, and they should assist eachother to overcome short-term exchange difficulties."The main terms of this agreement were:1.
Formation of the IMF and the IBRD (presently part of the World Bank).2.
Adjustably pegged foreign exchange market rate system: The exchange rates were fixed,with the provision of changing them if necessary.3.
Currencies were required to be convertible for trade related and other current accounttransactions. The governments, however, had the power to regulate ostentatious capitalflows.4.
As it was possible that exchange rates thus established might not be favourable to acountry's balance of payments position, the governments had the power to revise themby up to 10%.5.
All member countries were required to subscribe to the IMF's capital.