1914 marked a fundamental turning point in global affairs and the economy, as the destruction of the Great War not only physically affected millions of people, but also destroyed the system of global capitalism that existed before 1914. During the interwar period, American isolationism from international trade and business left major powers without the infrastructure or leadership to continue international trade, investment, and stabilization currency that existed before 1914. As a result, the major powers continued their “great power rivalry,” which inhibited global cooperation and led countries to adopt nationalist policies to achieve their goal of stable growth and more equitable distribution of wealth (Frieden, 154). After World War II, the United States emerged as a global leader and influenced most major powers to reorganize their economic policies to promote growth and equality through multinational collaboration, global trade, currency stability, and investment foreign. In both periods, major powers adopted economic policies to promote stable economic growth and equitable domestic sharing of the profits from growth; however, the results were influenced by crucial differences in levels of U.S. involvement, economic nationalism, trade barriers, and collaboration. Before World War I, countries' economic policies promoted interdependence and global trade. However, the Great War destroyed the financial infrastructure for interdependence that existed before 1914 and promoted America to the role of the “financial, commercial, and diplomatic” leader of the world. After the Great War, the “European powers depended on the United States. . . rebuild” (Frieden, 132...... half of the document ......lism after 1945. Another crucial difference was the role of trade barriers and collaboration. During the interwar period, the countries used bilateral trade agreements extensively and There were no trading colonies and freer trade This led to economic nationalism and domestic national development However, after 1945, most major Western powers promoted trade agreements and multinational collaborations, including involvement in NATO, OECD, IMF and International Monetary Fund World Bank, EEC, ECSC and GATT All these post-1945 multinational agreements were intended to promote global capitalism and fight communism, and also helped promote international economic growth and the equitable national distribution of profits. References Frieden, Jeffry A. Global Capitalism: Fall and Rise in the Twentieth Century 1 ed, 2006.