the resources on their own either to seize new opportunities or to overcome constraints. Others, while they may have the requisite resources, may find their efforts undermined by the conduct of other States. In still other cases, the inherent unpredictability attending these changes may deter investment by private industry no less than by Governments. Each of those potential problems suggests a role for multilateralism; to pool efforts where unilateral resources are insufficient; to co-ordinate policies where unilateral measures may negate one another; to provide a framework of transparency where uncertainty prevails. 2. Evolution and erosion of the post-war system of multilateral co-operation 32. The turmoil of the world economy during the Great Depression of the 1930s and the calamitous consequences of the beggar-my-neighbour policies of those years created a universal determination to construct a post-war world of co-operation rather than of conflict. It was widely recognized that the welfare of the international community as a whole, as well as of individual countries, depended upon concerted efforts to achieve and maintain high levels of employment, to free the channels of trade and to build an international monetary and financial system that would serve the needs of all. Accordingly, new institutions were established to give effect to these ideas. 33. There were shortcomings, notably in the field of international trade, where it proved impossible to establish an international organization with the degree of competence that most countries considered necessary. Moreover, the machinery created, both in the trade and financial fields, was not originally well adapted to the requirements of a new world of decolonization and development. But there can be no question that the philosophy and practice of international economic relations during the early post-war years reflected a general recognition that international economic co-operation, properly viewed, was in the interests of all countries and 
**Analysis**
The text discusses the importance of multilateralism in international economic relations, highlighting the need for cooperation to overcome challenges and seize opportunities. It also touches on the evolution of the post-war system of cooperation, citing the establishment of new institutions to promote economic development and international trade. These themes suggest that the text is primarily focused on economic issues.

**Category**
International trade, Economic development