Turning point in the evolution of the Global Political Economy: The formation of the European Coal and Steel Community
The formation of the European Coal and Steel Community (ECSC) is a significant turning point in the evolution of global political economic community because it marked an effort to legitimise the control of the production of materials used in war through economic means. In addition to a treaty to ensure security from war, as Lim (2014, p.136) stated “ there were other political objectives, too, including creating a regional economic bloc that could negotiate on more even terms with the United States”. The ECSC was a significant creation as it was a development on how the victors of this world war dealt with the antagonists. Whether you agree with it or not, the previous approach of the Treaty of Versailles resulted in the crippling of the German economy which created the atmosphere for extreme nationalism to flourish into a significant enough force to be an important causal factor in a second world war only 20 years later. The ECSC created a system of mutual holding to account; the