221. Describe what else can be used instead of money as a store of value

223. Describe when most of the world’s industrialized nations mutually agree to end the tariff wars.
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."
224.225. Explain what objectives the General Agreement on Tariffs and Trade had.
During the worldwide depression of the 1930s, when one nation raised its tariffs to protect its industries, other nations retaliated by raising their tariffs. In 1947, most of the world’s industrialised nations mutually agreed to end the tariff wars by signing the General Agreement on Tariffs and Trade (GATT). The
General Agreement on Tariffs and Trade, an internationally organization set up in 1947, had the objectives of encouraging international trade, of making tariffs the only form of protectionism, and of reducing these as much as possible. The most favoured nation clause of the GATT agreement specified that countries could not have favoured trading patterns, but had to grant equally favourable
conditions to all trading partners. The final GATT agreement – including services, copyright, and investment, as well as trade in goods – was signed in Marrakech in 1994, and the organization was superseded by the World Trade Organization (WTO). It took nearly 50 years to arrive at the final GATT agreement because until the 1980s, most developing countries opposed free trade. They wanted to industrialize in order to counteract what they rightly saw as an inevitable fall in commodity prices. They practised import substitution (producing and protecting goods that cost more than those made abroad), and imposed high tariff barriers to protect their infant industries. Nowadays the WTO has more than 130 members, with membership conditional on countries
following trade policies of a broadly free-trading nature. The WTO is staffed by an international team of trade specialists. It can influence international trade discussions, almost always in a free-trade direction, although on controversial issues member governments are likely to dig in their heels before making any compromises or deals. In the umpiring role, the WTO Dispute Settlement Body
can intervene when one country accuses another of breaking agreed WTO rules. It normally does this by initiating some sort of protectionist measure. Like the GATT the WTO provides a forum for multilateral trade negotiations; conducts reviews of member country trade policies; and cooperates with the World Bank and the International Monetary Fund (IMF) in an attempt to achieve greater
coherence in global economic policy making.