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GO 251-B Prof Vacs Felix Idehen Global Challenges and the focus of US Foreign Policy In the years since the end of the Cold War the United States has confronted global challenges on many different fronts Of the many economic environmental and strategic challenges pose the greatest of problems to the US Currently at the beginning of the twenty-first century US policymakers have focused around these issues in an attempt to prioritize certain global challenges in future US foreign policies One of the goals of US foreign economic policy has been economic security including a promotion of domestic prosperity and minimization of negative foreign economic impact However the US has had trouble realizing this goal The US role in global economics took off shortly after WWII The US emerged from the war having not suffered destruction as many other countries had Taking advantage of this situation the Marshall Plan was implemented The Marshall Plan entailed giving monetary aid to developing democracies which would aid the replacement of the old model with a new liberal free trade free-market capitalist system It also established international organizations such as the International Monetary Fund to regulate the free markets However the global economic situation began to take a turn for the worse Between the late 1960s and into the early 1970s US power declined as the balance of trade became negative The US went into one of the largest debts in the world Consequently the value of the dollar decreased and was no longer the worlds currency From this spawned the Euro market autonomous to US control In the next decade the US would try to promote more globalization get even more liberal and reduce trade barriers However this plan backfired resulting in declined wages and growing unemployment within the states This is the dilemma facing the US economic policy An increase in free trade and free markets can result in one of two situations
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