Everything about Havana Charter totally explained
Havana Charter was the charter of the defunct International Trade Organization or ITO. It was signed by 53 countries on
March 24,
1948. It allowed for international cooperation and rules against anti-competitive business practices. The charter ultimately failed because the
Congress of the United States rejected it. Elements of it would later become part of
GATT.
The charter, proposed by
John Maynard Keynes, was to establish the
ITO
and a financial institution called the
International Clearing Union (ICU),
and an international
currency; the
bancor. The Havana Charter institutions were to stabilize trade by encouraging
nations to 'net zero,' with
trade surplus and
trade deficit both discouraged. This
negative feedback
was to be accomplished by allowing nations
overdraft equal to half the average value of the country’s trade over the preceding five years, with
interest charged on both surplus and deficit.
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