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World War 1
World War 1 happened because of the murder of Archduke Franz Ferdinand. He was assassinated along with his wife by a member of a terrorist group, which created alliances and competition between other countries, starting the war. The war pitted Britain, France, and Russia against Germany and Austria-Hungary. The war led up to the great depression, and due to this more tariffs were imposed on goods, which put a decline in international trade, making it a negative thing for economic globalization. -
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The Rise of Communism
The Soviet Union saw a dramatic rise of communism in the span of 10 years. Communism didn't officially end in this region until 1992. The idea was that in a communist state, everyone would have what they needed and people could focus on their passions, and nobody would have more than others. This would basically eliminate social statuses. This was not a good thing for economic globalization because it diminished international trade. -
Treaty of Versailles
The Treaty of Versailles was signed shortly after world war 1. This treaty made it so that Germany had to pay reparation payments to Britain, France, Russia, and other countries involved in the war, as well as gave up German colonies. This was terrible for the German economy. The treaty did not create good economic relationships with other countries and caused a second world war. Therefor, the Treaty of Versailles was not good for economic globalization. -
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The Ruling Of Joseph Stalin
Joseph Stalin was the communist leader of the Soviet Union. He was a despicable ruler and was responsible for the deaths of thousands of innocent people. Under his rule, economic globalization was put to a halt as he stopped international trade. Stalin focused on the industrial and military aspects of the country, which led to it becoming an industrial giant, however this was not all good because poor people were forced to work in the factories. -
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The Great Depression
The Great Depression was the result of heavy amounts of consumer spending after people started making rapid investments into the stock market. People sold their stocks and people were taking out money they couldn't pay back from the banks. Jobs were lost preventing people from making money. Countries were poor, so they started trying to get money from other poor countries by taking back their loans. Tariffs were being enforced which led to less international trade and economic globalization. -
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The Ruling of Adolf Hitler
Adolf Hitler was the leader of Germany during World War 2. He was responsible for the death of millions of people throughout the course of 6 years. Hitler convinced the German people to believe racially based biases against people, and treat non-German people with indifference. His rule was powered by the economic problems caused by the Great Depression and the Treaty of Versailles. Hitler's rule was terrible, but led to positive results in the progression of economic globalization in the end. -
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World War 2
World War 2 happened after the Treaty of Versailles because it had caused such a strain on Germany and their economy. Adolf Hitler came into power, claiming to fix these problems. After this he became a dictator and began taking over and invading other countries, as well as killing millions of innocent people. This caused a huge decrease in unemployment. The war led to the Bretton Woods Conference, which was a positive thing for the process of economic globalization. -
Bretton Woods Conference
The Bretton Woods Conference was when representatives from 44 countries met up to try and figure out a way that they could prevent economic trouble in the future to hopefully lessen the chance of another world war happening. During this event, The World Bank and the International Monetary Fund were created. Both of these things were positive for economic globalization. -
The World Bank
The World Bank handles huge loans made by countries, and was made to lend money to countries in need. It is controlled by the governments of its members, which provide the funds. This made a positive impact for economic globalization, however it typically negatively impacts the suffering countries because they can't pay back the loans and end up with a lot of debt. -
The International Monetary Fund
The International Monetary Fund was created after the Bretton Woods Conference in an attempt to prevent any economic problems that could lead to another world war. It deals with smaller world loans and currency and was designed to help countries who are suffering with economic issues. This encourages international trade and economic globalization! -
The General Agreement on Trades and Tariffs
The General Agreement on Trade and Tariffs was a legal agreement that is meant to limit the boundaries to international trade by getting rid of tariffs, while still keeping specific regulations on trade. -
The World Trade Organization
The World Trade Organization was created to regulate international trade between countries. It works to try to make global trade go as smoothly as possible. This organization increases international trade, and therefore advances economic globalization in a favourable way.