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According to Smith, specialization and trade is the best solution to create a flourishing American economy. William H. Peterson, holder of the Lundy Chair of Business Philosophy at Campbell University, agrees with Smith's philosophy. He states that the idea of free trade allows efficient use of economic resources and will promote international cooperation.
One of the biggest examples of international cooperation is the Bretton Woods system that originated from a 1944 conference at Bretton Woods, New Hampshire. Those participants in this conference created three organizations to help regulate the international economy...
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