This sounds like an exaggerated claim, and it would be wrong to make too much of it. Nevertheless, the system does contribute to international peace, and if we understand why, we have a clearer picture of what the system actually does. Cost of living 5. Growth and jobs 8. It is also an outcome of the international confidence and cooperation that the system creates and reinforces.
History is littered with examples of trade disputes turning into war.
One of the most vivid is the trade war of the 1930s when countries competed to raise trade barriers in order to protect domestic producers and retaliate against each others' barriers. This worsened the Great Depression and eventually played a part in the outbreak of World War 2. Two developments immediately after the Second World War helped to avoid a repeat of the pre-war trade tensions. In Europe, international cooperation developed in coal, and in iron and steel. In other words, if trade flows smoothly and both sides enjoy a healthy commercial relationship, political conflict is less likely.