Post-War Global Institutions
The United States played a crucial role in establishing a post-war global order by creating international political and economic institutions.
- In June 1945, the US convened a meeting in San Francisco to form the United Nations (UN).
- In July 1944, the US hosted the Bretton Woods Conference to establish global monetary institutions like the World Bank and the International Monetary Fund (IMF).
- The aim was to prevent the “beggar-thy-neighbour” policies that contributed to the Great Depression.
Performance and Challenges of Global Institutions
While the UN and its related organizations have not fully lived up to their potential, they have been overall beneficial for humanity.
- Despite President Nixon's 1971 actions undermining aspects of the Bretton Woods system, key features have remained intact.
- The Soviet Union and its allies did not participate in the Bretton Woods system during the Cold War, yet the system contributed to global prosperity.
- Though the US occasionally deviated from these systems, such as Reagan's withdrawal from UNESCO in 1984, it largely supported them.
Threats Under the Trump Administration
The Trump administration's policies have threatened the stability of these global structures.
- Trump's tariff policies have disrupted the global trading system since his second term began in January 2024.
- Recent executive orders have led to the US withdrawing from 66 global organizations, impacting areas like gender rights, migration, and climate change.
- This decision follows the controversial removal of Venezuela's president, Nicolás Maduro, violating international law.
Global Impact and Consequences
The US withdrawal has significant implications for global efficacy and justice.
- The Global South is already experiencing the negative effects of US bilateral aid cuts.
- No major power, including China, is likely to fill the gaps left by the US due to a lack of institutional commitments.
- Trump's decisions are expected to create a harsher, more unjust world.
