CEVAP:

The interwar years (1919-1938) were characterized by persistent economic volatility,
recessions, banking crises, the Great Depression, and the rise of fascism in Europe. During those years the infamous Smoot-Hawley Tarriff Act in the US (1930) was the most critical act to have distrupted the international economic order. The average tariff rate increased to 59% (the highest since 1830), which led to a chain of retaliatory actions. It thereby caused disruption in international trade and markets, deepened the
Great Depression, and undermined international cooperation.The mistakes of the interwar years taught two important lessons: another depression would be avoided by the creation of a stable global monetary system and a relatively free world trade system. Additionally, there was an immediate need for rebuilding the war-torn areas, especially Europe.