To set the stage for this discussion, we begin by examining the formation of the new global order after World War II. On April 30, 1945, the death of Adolf Hitler signaled the end of a conflict dominated by the Soviet Union, the United States, and the United Kingdom. In the aftermath, Germany was split among the victorious powers, with East Germany falling under Soviet control and West Germany coming under the influence of the United States and the United Kingdom. This division resulted in the establishment of two contrasting governance systems: communism in the East and democracy in the West. Over the years, West Germany's democratic framework led to significant economic growth, widespread prosperity, and higher levels of citizen satisfaction. Conversely, East Germany faced significant economic hardship, leading many residents to attempt escape. The Soviet-backed authorities responded by erecting the Berlin Wall, which remained in place until its fall in 1991. The lasting economic disparity between East and West Germany serves as a testament to the enduring impact of these differing governance models, illustrating the profound influence of compounded growth over time.

Following the end of World War II, a new global order took shape, with the United States and the Soviet Union emerging as the dominant superpowers. During this period, the United Kingdom faced significant challenges, including substantial national debt, food shortages managed through rationing, and the loss of its colonies as they gained independence. Despite these difficulties, the UK was determined to preserve its influence and economic connections, focusing particularly on securing business contracts for raw materials to sustain its economy.

In July 1944, representatives from 44 nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, to address post-war economic reconstruction and establish a stable international monetary system. Their objectives included fostering international trade and investment, preventing competitive currency devaluations, and avoiding trade conflicts. The conference led to the creation of the International Monetary Fund (IMF) and the World Bank (International Bank for Reconstruction and Development), and introduced the Bretton Woods System. This system established a fixed exchange rate framework where currencies were pegged to the US dollar, which was convertible to gold at $35 per ounce. This arrangement persisted until August 15, 1971, when President Nixon announced the suspension of the dollar's gold convertibility, effectively ending the gold standard. Additionally, the General Agreement on Tariffs and Trade (GATT) was established, setting the groundwork for contemporary international trade rules and tariff reductions. This new economic framework was implemented and has since evolved through various macroeconomic tools, including monetary and fiscal policies, regulations, and management of exchange rates, capital controls, and balance of payments.

In response to the growing influence, military advancements, and technological progress of the Soviet Union, the North Atlantic Treaty Organization (NATO) was formed on April 4, 1949, with 12 founding members, including the United States and the United Kingdom. The establishment of NATO was a strategic move to counterbalance Soviet power and ensure collective defense among its member states. The eventual collapse of the Soviet Union in 1991 marked the end of the Cold War and solidified the United States' status as the world's preeminent superpower, with the most formidable military force at that time.

The new world order confirmed some foundational concepts such as democracy, capitalism, and modern credit systems. However, many regions globally, particularly in Africa, Asia, and South America, have struggled to implement these frameworks effectively. Despite major global advancements in science and technology, these areas have not experienced a significant improvement in their standard of living. This disparity underscores the challenges of translating and applying these frameworks into tangible benefits for populations.