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WW1
WW1 was a massive war across the world that caused the death of 20+ million. During this time economy was super and super down for some places. For example, counties that had major weapons exports made a lot of money but counties that were getting steamrolled by tanks didn't make a lot of money. Many countries were left in great debt. -
treaty of versailles
the treaty of Versailles was a document that guaranteed a major economic downfall for Germany. This lead to the rise of Hitler. -
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Rise of Communisum
In communism, everyone works for the benefit of everyone. "Wealth among a nation" is a philosophy based on the equitable distribution of wealth. You have three cows your neighbor has 1 cow and your brother has 0 cows the government takes all cows and gives everyone 2 glasses of milk. This help balances out the economy for everyone. -
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Stalin
Stalin was a crazy communist dictator that ruled from 1922 - 1953. During his rule over 33 million people died due to forced labor in terrible conditions. He created something called the five-year plan. In his plan, he would increase the industrialization of Russia by 25%. -
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The Great Depression
The Great Depression was one of the biggest economic downturns ever. GDP fell 29%. The unemployment rate reached 25%. Which led to the destruction of the world economy. -
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WWII
Germany was left destroyed on broke after WWII. The treaty of Versailles killed Germany's economy for many years. Then Hitler came along and "fixed" Germany. WWII came right after the hard economic time of the great depression so well many countries are still trying to recover from the great depression Germany was ready for war. For some countries (America) the war benefited them, they made a lot of money making weapons. But for some like japan lost a lot of money because capital was destroyed. -
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Hitlar
In a time of economic destruction in Germany, Hitler brought a great economic upturn to Germany. Though he led to the start of world war two and the death to 75+ million. -
World Bank
The world bank is an international corporation between countries. The goal was to lend out money to help countries in financial despair to improve their economy. It lends out money with zero to low-interest to make it easy to pay back. But some negative is some people get rich by running up debt, cheap labor, and on top of this, they are paying little tax. -
Bretton Woods conference
At the Bretton Woods conference, 44 nations attended the meeting. At this meeting, the IMF and the world bank were established. The point of the IMF and world bank was an agreed system of economic order and international cooperation that would help countries recover from a economic destruction. -
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International Monetary Fund (IMF)
The International Monetary Fund works to achieve financial stability, high employment, sustained economic growth, and poverty reduction worldwide. The IMF also helps provides support to low-income countries. -
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The General Agreement on Tariffs and Trade (GATT)
The GATT is an agreement to try to minimize trade barriers for international trade by reducing quotas, tariffs, and subsidies. This would make trade freer allowing for countries economics to become more intertwined. -
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World Trade Organization (WTO)
The World trade organization first signed in 1947 ties all of our country's economies together. Everyone can trade to get what they need. Everyone is in debt to each other. The WTO decreased trade barriers between countries and increased trade.