IRG Reading Response Week 5

IRG Reading Response Week 5 - Britain placed tariffs on U.S...

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Andrea Pinilla Dr. Anderson IRG- 40235 October 1 2014 Reading Response Week 5 The economic integration of Europe during the 1960s and 70s proved to be both complementary and challenging to US global leadership. In the aftermath of WWII, Europe was in ruins, both economically and physically, and the United States worried this would leave the region susceptible to communist influence. By strengthening Europe, the U.S believed it could not only build a strong force against communism but also that it could provide the world an example of capitalism’s success. The unification of Europe through the Common Market did just that by easing economic trade relations between the six countries that made up the organization. European economies grew significantly but often to the cost of American interests. Just as
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Unformatted text preview: Britain placed tariffs on U.S movies to protect its own movie industry (Zeiler 216), the Common Market countries also discriminated against U.S goods to support their own national economies (Zeiler 272). This European economic solidarity ultimately helped countries like France catch up to the United States, and contest the North American country’s dominance over the world. The development of the Common Market’s regional economies led to the drain of gold from the U.S as European currencies converted to the dollar more quickly. In order to avoid hurting other economies which relied on its dollar, the U.S terminated the Bretton Woods system when its dollar became overvalued during the 60s and 70s, signifying the end of American hegemony....
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