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World War One
WWI was the battle between Russia, Britain, and Frace against Austria, Germany, and Italy. Other countries were also drawn into the conflict later on. The human costs were more than 15 million soldiers. The Economic Costs of this were 33 billion. -
Treaty of Versailles
The treaty was signed so that Germany would have to pay for war damages that happened in WWI, this was also to try and get rid of Germany as well. -
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Rise of Communism in Russia
Tsar Nicolas bagan to build communism slowly into the USSR the world first communist state which did not do anything to the global economy. -
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Stalin
Soviet Russia became a one-party state in 1929 and became ruled by Joseph Stalin. Stalin then made the country an industrial and military giant, killing over 33 million people in the process. He also slowly made Soviet Russia into a communist country which did nothing for Economic Globalization. -
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The Great Depression
During the 1920s consumer spending rose heavily after the credit card, so people paid for everything with IOU's and hoped to pay it back later. Then they did not make back enough money to pay back their loans and everyone became in debt which lead to the economy crashing with nobody actually paying for anything. -
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Hitler
Germany had suffered a big loss after the Great Depression and Treaty of Versailles. So Hitler promised to make Germany great again, and took over Germany as a Dictator. Hitler made Germany self sufficient and not relying on outside materials so the economy went up and he gained peoples trust. -
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World War Two
WWII was initiated by Hitler after he became the dictator of Germany. More than 50 countries were involved and more than 60 million people died. During the war over 17 million new civillian jobs were created and profits off taxes were doubled. -
World Bank
Goals were to lend money to war torn countries and speed up economic progress and industrialization in countries. -
Bretton Woods Conference
Is when 44 different countries met up and put a bunch of things into action like the International Bank. To help reconstruct the economy. -
International Monetary Fund
The IMF was created to ensure the stability of the international monetary system which keeps track the economies of its member countries. In charge of the system of exchange rates of international payments. -
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General Agreement on Trades and Tariffs
World agreement between countries to promote international trade.
This reduced trade barriers such as tariffs or quotas. -
World Trade Orginization
World agreement between countries to promote international trade.
This reduced trade barriers such as tariffs or quotas.