What events led to the General Agreement on Tariffs and Trade? Why did the World Trade Organization eventually replace GATT? A
. The Great Depression and the Sherman Act; As world trade grew, a more formal organization was needed. B. The Great Depression and the Sherman Act; Trade in services and in products incorporating intellectual property grew in importance. C. The Great Depression and the Smoot-Hawley Tariff; As world trade grew, a more formal organization was needed. D. The Great Depression and the Smoot-Hawley Tariff; Trade in services and in products incorporating intellectual property grew in importance.
c. The Great Depression and the Smoot-Hawley Tariff led to the Generall Agreement on Tariffs and Trade. As world trade grew, a more formal organization was needed and the World Trade Organization eventually replaced GATT.
Explanation:
It is worthy saying that the GATT remains but it has been taken over by the World Trade Organization. Tariffs like Smoot-Hawley after World War II as well as the Great Depression were major events that created the need for a General Agreement on Tariffs and Trade. It was initially signed by a few countries and it kept growing, thus the need for a more formal World Trade Organization.
The words above are very common to be used in </span><span> British vernacular as slangs that often come out in the conversation between common people. Those are the type of language that commonly heard by the author </span>William Golding in his young age.
