America's Foreign Policy Practice Exam 2025 - Free Practice Questions and Study Guide

The three principal components of the Liberal Economic International Order, established in the aftermath of World War II, aimed to promote international economic cooperation, stability, and growth. This order primarily includes the General Agreements on Tariffs and Trade (GATT), the International Monetary Fund (IMF), and the World Bank.

The GATT was designed to reduce trade barriers and promote international trade through a series of negotiations among member countries. The IMF was created to ensure the stability of the international monetary system by providing financial assistance and fostering economic cooperation. The World Bank, on the other hand, focuses on long-term economic development and eradication of poverty by providing loans and financial assistance for development projects.

While the World Trade Organization (WTO) eventually emerged from the GATT in the 1990s, it is not considered one of the original three pillars of the Liberal Economic International Order. The WTO builds upon the principles established by GATT but operates as a distinct entity with broader functions in regulating international trade. Thus, identifying the WTO as one of the three principal components is incorrect, making it the right answer to the question.