56. The best overview of the London Economic Conference is Kindelberger, World in Depression, Chap. 9Google Scholar. The most in-depth discussion of the commercial aspects of the conference is at Kottman, Richard N., Reciprocity and the North Atlantic Triangle, 1932-1938 (Ithaca, N.Y.: Cornell University Press, 1968), chap. 2Google Scholar. For the views of principles, see Feis, Herbert, Characters in Crisis 1933 (Boston: Little, Brown, 1966) chaps. 14-20Google Scholar; Raymond Moley: The First New Deal (New York: Harcourt Brace, 1966), Kaps. 33-38 Boursiergoogle; and Hull, MemoirsGoogle Scholar, Vol. 18 and 19. Norman Davis raised hopes through successful negotiations on a limited customs peace in May, but the many reservations expressed by his supporters have called into question the value of the agreement. Reciprocity was an important principle of trade agreements negotiated under the RTAA, as it encouraged Congress to reduce tariffs. As more and more foreign countries have entered into bilateral tariff reduction agreements with the United States, exporters have been more encouraged to promote Congress in favour of even lower tariffs in many sectors.  When U.S.
tariffs fell dramatically, global markets were also increasingly liberalized. Global trade has undergone a rapid transformation. The RTAA was a U.S. law, but it provided the first widely used system of guidelines for bilateral trade agreements. The United States and European nations began to avoid beggar neighborhood policies that pursued national trade objectives at the expense of other nations. Instead, countries have begun to realize the benefits of trade cooperation. President Franklin D. Roosevelt signed the Reciprocal Trade Agreements Act (RTAA) in 1934.
It gave the president the power to negotiate bilateral and reciprocal trade agreements with other countries and allowed Roosevelt to liberalize U.S. trade policy around the world. It is generally attributed that it sounded the era of liberal trade policy that continued during the 20th century.  66. New York Times, November 5, 1933. The NRA could also open its own investigations. Herbert Feis argues that trade rules were only used to prevent the fall of codes, while the United States imported import quotas for spirits, wood, tobacco, potatoes, cotton and sugar. Feis, Characters in Crisis 1933, p. 262Google Scholar; Steward, Trade and Hemisphere, 15 s. Google Scholar 32. Regarding the changes in the processes that governed trade in the 1930s, see Snyder, Richard, „Trade Policy as reflected in the treaties of 1931-1939,“ American Economic Review 30 (12 1940) Google Scholar; Joseph M. Jr.
Jones: Tariff Retaliation: Repercussions of the Smoot-Hawley Bill (Philadelphia: University of Pennsylvania Press, 1934) CrossRefGoogle Scholar; Margaret Gordon: Barriers to World Trade: A Study of Recent Commercial Policy (New York: MacMillan, 1941) Google Scholar. The Customs Committee began investigating mutual negotiations in early 1933, at the request of Congress. United States Tariff Commission, Tarijff Bargaining Under Most-Favored Nation Treatys, Report to the States Senate (Tariff Commission Report 62, 2d Series, GPO, 1934). Under the leadership of the United States and the United Kingdom, international cooperation has flourished and concrete institutions have been created. The discussions that began at the Bretton Woods Conference of 1944 were the International Monetary Fund. The first international trade agreement, the General Agreement on Tariffs and Trade (GATT), was established in 1949. In 1994, THE GATT was replaced by the World Trade Organization (WTO), which still controls international trade agreements.   33. Examples of a structuralist vision: Kindleberger, Charles P., The World in Depression, 1929-39 (Berkeley: University of California Press, 1973) Google Scholar; Stephen Krasner: „State Power and the Structure of International Trade,“ World Politics 28 (04-1976) CrossRefGoogle Scholar; and Lake`s, David`s sophisticated synthesis in „Beneath the Commerce of Nations: A Theory of International Economic Structures,“ International Studies Quarterly 28 (06-1984) CrossRefGoogle Scholar.