Ultimately, this system of global fixed exchange rates worked poorly and could not withstand the market forces that emerged in the 1970s. In a similar spirit, some economies used taxes or other incentives to promote one industrial activity or discourage another. Obviously, the most egregious form of this policy was in planned economies.
But many democratic economies, as they recovered from various wars and other national traumas, 3  BIS Review 40/2000  nationalized entire industries.