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Robert Cecil's Memorandum
Robert Cecil wrote a memorandum claiming that civilization could not survive unless it could form an international system that would ensure global peace and security, evoking more thought on the subject. -
Wilson's Fourteen Points
Woodrow Wilson insists during peace negotiations that began in October, 1918, that his Fourteen Points should serve as a basis for the signing of the Armistice. His Fourteen Points included the formation of the League of Nations-Wilson laid the foundation for the formation of the League of Nations. -
Paris Peace Conference adopts League of Nations Constitution
The Paris Peace Conference adopted the constitution of the League of Nations, appointing Sir Eric Drummond as the first secretary general and establishing the headquarters in Geneva. The Covenant, or the constitution, called for collective security and the peaceful settlement of disputes through negotiation and mediation. Any country engaging in warfare would suffer economic sanctions. -
World Bank Established
Bretton Woods Conference in 1944 resulted in the creation of five institutions, one of which was the World Bank. The World Bank’s official mission is to reduce poverty, promote foreign investment, international trade facilitate capital investment. -
United Nations Created
The United Nations was created on this day, and replaced the League of Nations that failed to keep world peace, resulting in the Second World War. When the United Nations Charter that includes basic rules and regulations about human rights, political security, etc. was ratified, the UN came into existence, with 51 nations to start with. -
IMF Formed
The IMF was established on July 22, 1944. But it actually officially came into existence more than a year later with the signing of the Articles of Agreement. The IMF’s goal and mission was to restore and keep global financial peace and security. -
League of Nations Dissolve
The League of Nations was dissolved, and the UN took its place in ensuring world peace. The League of Nations relied on boycotts and sanctions to enforce its actions, and did not have its own military alliance, it was too weak and ineffective. -
UN Universal Declaration of Human Rights Adopted
With the Universal Declaration of Human Rights that the UN adopted, it made one great step towards raising concern about the rights of human beings in the world. The declaration includes basic human rights including security, right to a trial, right for food, etc. -
UN Takes Control of Dispute in Israel
When the intense dispute between Palestinians and the Isarelis raged on in Jerusalem, the United Nations took trusteeship over Jerusalem, hoping to alleviate arguments between the Arabs and Jews. -
Nuclear Non-Proliferation Treaty Adopted
With the looming threat of spread of nuclear weapons around the world, the UN adopted the Nuclear Non-Proliferation Treaty (NPT) that all member states signed on to other than India, North Korea, India, and Pakistan. The three main objectives or pillars of the treaty is non-proliferation, peaceful use of nuclear technology, and disarmament. -
Fixed Exchange Rate Set by IMF
Bretton Woods fixed exchanged rate system is supported by the IMF with the Special Drawing Right that is allocated to countries in correspondence with their IMF loan limits, also effected by significant international currencies -
Gold Standard Fails and IMF Sets New Currency Rates
The international gold standard and fixed exchange rate system fails and the IMF drafts a new rules and regulations about currency exchange rates. -
UN Fails to Detain Somalian Warlords
Warlords in Somalia seized food and starved citizens, and the UN mission to stop this failed miserably. A United States led UN military campaign to capture the warlords resulted in the disastrous Battle of Mogadishu in which 19 US soldiers were killed. In 1994, US forces withdrew from the region. -
GATT Signed
General Agreement on Tariffs and Trade (GATT) treaty signed to create World Trade Organisation (WTO). -
WTO Officially Established
After 10 years of negotiation for the establishment of WTO that started in 1968, especially about the GATT, finally ended on the first day of 1995 in which the WTO was officially established. -
IMF Involved in Argentina Economic Crisis
Argentina experienced a catastrophic economic crisis in 2001, even when its economy was deemed to be a model one that followed the Brentton Woods Institutions’ policy proposals. The IMF’s budget restrictions may have been the cause for this economic crisis. -
China Joins WTO
China joined WTO in December 2001 after 15 years of negotiations about the GATT. This was the longest negotiation held between the WTO and a nation. -
WTO Sets on a Mission for Cheaper Medicine
The WTO started on a mission to provide cheaper medicine for developing countries, although other organizations was against this, essentially because of the massive amount of financial resources it will require. -
WTO Sets On Doha Devlopment Agenda
Four year Doha development Agenda was crucial to end the round in 2006, so countries agreed lessen their agricultural export subsidies by the end of 2013, ending any cotton export subsidies by the end of 2006. -
LoN Involvement in Aaland Islands Conflict
The League helped Finland and Sweden settle their dispute over the Aaland Islands in 1921. The islands were almost equidistant from Finland and Sweden, but they were traditionally ruled by Finland, although the islanders wanted to be governed by Sweden. So the League decided that they should remain with Finland, but no weapons can be kept in the islands.
