George washington set some key precedents (sets a basis for similar situations) for future presidents including

Some of the key precedents which set by George Washington include;

1. He established presidential tradition farewell address.

2. He introduced a policy of neutrality which pertained foreign wars which was followed until World War 1.

3. He established the cabinet. This was within the branch body which was not outlined in the constitution.

4. He supported fiscal concepts which were innovative. For example, national debt and Bank of America which were adopted later on.

5. Established relationship with great Britain with treaty of Jay that is why England remained the strongest and closest allies.

6. Set a two term presidents and was followed until the time of roosevelt.

economic competition is inefficient and wasteful.good luck

explanation:

it affected it because the kingdoms (with trade) slowly got richer and richer.