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World War l
A war which involved Britain, France, and Russia against Germany, Austria, and Hungary. Other countries were also involved. After the World war many countries such as the European cities, towns, farms, and roads were destroyed. They had borrowed a heavy amount of money from the United States, 7 billion US dollars. In general the production of goods went down 25% lower then 1913. Canada also suffered a drop, they owed 2.5 million dollars every day because of the damages of the world war -
Rise of Communism
After a communist party gained power, the Soviet Union was created. The union spreaded communism all over the world by creating Poland, Czechoslovakia, and Hungary. They made and invaded other countries and forced the people to follow their rules. -
Treaty of Versailles
it was a peaceful treaty which stated the end of WWl and how the countries were going to recover from it. But the treaty put the blame on Germany. Germany had to repay all the damages that were caused to all the other countries in the war. The amount of payments they had to pay affected Germany and made their economy go down, they were struggling. since everything was becoming scarce and difficult for them their inflation was high. The treaty created League of Nations, WWll was the outcome. -
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Stalin
He was the leader of the Soviet Union. He wanted to control the economy so he created the 5 year plans. HIs plans had increased lots of production of goods but agricultural production was low. Many farmers had died because of famine and many were imprisoned. -
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the Great Depression
It was when everyone started spending money heavily and investing in stock, people were borrowing money to invest. After a decade stocks went down so people started to worry because the people sold the stocks for money. People started losing so much of their money they had no way they could pay for any of their stuff. Since US was giving money to the Europe, they wanted it back because of their downturn. This resulted in Europe having trouble and other countries as well, the depression started -
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Hitler
He was a politician and because the dictator of germany. He made promsises to Germany that he would fix all the damages of WWl but then invaded countires which declared WWll. The damages of WWll were a huge amount and many countries were struggling to pay it back. People experienced shortage of goods and supplies. -
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World War ll
Hitler had promised to make all the problems of post WWl go away and help the Germans. After he got elected he became Dictator and started controlling almost everything. Once Hitler invaded Poland, Britain, and France declared war and it started WWll. The war had done lots of damages to many cities, towns and villages. Many struggles to gain suppy after a shortage. Farmers couldn't plant food. Countries spent all their money on the war, people struggles with inflation and repayment of debt -
World Bank
Was created to help countries become stable economically after WWll. Their goal was to lend money to countries so they can build back what they lost. they wanted to grow their economy and industrialization. The World Bank has helped many developing countries with poverty and has succeeded in making countries go from low to high economically. -
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Bretton Woods Conference
It was when 44 countries gathered to discuss how to prevent an economic crisis after WWll. The countries had developed the World Bank and the International Monetary Fund. These were created to help organize and sustain rules to money. It dealed with finances. They wanted economic growth. The system collapsed at some point but it created long lasting effects of international money exchange. -
General Agreement on Trades and Tariffs
GATT was made to make international trade easier. it was signed by 23 countries after WWll. It wanted to take away barriers of trade and remove tariffs. GATT had succeded in making world trade stable, which then it increased as well as the income of the trade. -
International Monetary Fund
Was created to help countries become stable economically after WWll. The Monetary fund set international money exchanges and wanted to stabalize the economy. IMF had impacted inflation by reducing them and setting loan programs which were succesful. -
World Trade Organization
WTO took over GATT and now regulates and facilitates international trade. After the WTO was created, it slowly started growing and increased international trade of exports and imports by 50% more then global input. They helped developing countries trade more.