Explanation :
Foreign policies are drafted by governments to deal with international affairs adequately. These policies have different goals depending on the country’s interests. The purpose of it is to regulate the way the country interacts with the rest of the world, to guarantee that domestic affairs are properly safeguarded from outsiders and foreign goals are achieved. Depending on a country’s main agenda, which could be an economic, social or political agenda, the foreign policy is shaped to promote that agenda, to gain supporters and to increase international awareness and engagement. It also draws boundaries to keep allies close and enemies isolated by expanding or reducing relationships with each. There are many topics covered by a foreign policy such as immigration policies, international trade, war and military conflicts, international organizations and international law, among other subjects. There’s normally a person in charge of foreign policy issues, designated by the highest executive authority of each country. In the U.S. the Secretary of State is the person in charge of managing the country’s foreign policy.In a nutshell :
- While international trade has been present throughout much of history, its economic, social, and political importance have increased in recent centuries, mainly because of industrialization, advanced transportation, globalization, the growth of multinational corporations, and outsourcing.
- During World War II, 44 countries signed the Bretton Woods Agreement, a system of monetary management that established the rules for commercial and financial relations among the world’s major industrial states.
- This Agreement resulted in the creation of organizations such as the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (later divided into the World Bank and Bank for International Settlements).
- The World Trade Organization (WTO) is an organization that was formed in 1995 to supervise and liberalize international trade and foreign policy.
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