The system created in the aftermath of World War II unleashed the greatest period of economic prosperity the world has ever seen. The vision crafted at Bretton Woods in 1944 opened markets, boosted trade, and created billions of jobs. The United States’ collaborative leadership paved the way for decades of growth and prosperity both at home and abroad.
But that system is under stress. After the twin shocks of the Global Financial Crisis and the COVID-19 pandemic, there is an open question of whether capitalism and globalized supply chains still function. Rising skepticism in the United States about the value of international cooperation and free trade means governments are turning inwards for answers, towards protectionism.
The GeoEconomics Center believes that free markets and international cooperation provide the best architecture to enable prosperity—but also that it is time for this system to evolve.
