Trace the development of the regional and international economic partnerships and financial institutions discussed in this lesson. (1 point)
1. The economic partnerships were founded right after World War II as a direct response to Othe devastation the war had caused. Financial institutions of various forms came later, as economic development increased in the decades after the war.
2. The financial institutions were founded right after World War II as a direct response to the Odevastation the war had caused. Economic partnerships of various forms came later, as economic development increased in the decades after the war.
3. The financial institutions were founded right after the Cold War as a direct response to the devastation the war had caused. Economic partnerships of various forms came later, as economic development increased in the decades after the war.
4. The financial institutions were founded right after World War II as a direct response to the devastation the war had caused. Economic partnerships of various forms came later, as economic development decreased in the decades after the war.
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The correct answer is: 1. The economic partnerships were founded right after World War II as a direct response to the devastation the war had caused. Financial institutions of various forms came later, as economic development increased in the decades after the war.
After World War II, countries sought to promote economic cooperation and stability in order to prevent future conflicts. This led to the formation of economic partnerships such as the European Coal and Steel Community (ECSC) in 1951, which eventually evolved into the European Union. Other regional economic partnerships, such as the North American Free Trade Agreement (NAFTA) and ASEAN, were also formed to promote trade and economic growth.
As economic development increased, the need for financial institutions to provide stability and support for the global economy became apparent. Institutions such as the International Monetary Fund (IMF) and the World Bank were established to provide financial assistance to countries in need, promote economic stability, and facilitate development projects.
Overall, the development of regional and international economic partnerships and financial institutions has been a gradual process, with partnerships forming first to promote cooperation and trade, followed by the establishment of financial institutions to provide support and stability for the global economy.