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WWI
WWI was a war that took place after the death of the Archduck of Austria. World War I was the first modern mechanized war, this means that we had to open up tons of factories to build tools for the army. And since everything was built mostly by hand it created a vast amount of jobs in engineering and manufacturing indistry. -
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The Rise of Communism
Communism is a far-left sociopolitical, philosophical, and economic ideology and current within the socialist movements. The wealth produced is shared among the people, based on their needs, rather than on their contribution to the work. This resulted in a classless society were no one man owned more than another. -
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The Treaty of Versailles
It was a treaty that was signed by the Allies holding Germany accountable for all the damage. This led Germany to poverty right after fighting the war. Germans starved to death they where not able to afford basic essentials. And because of all this poverty it led to hitler being elected and ended up killing millions of jews. -
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Hitler
Adolf Hitler was the chancellor of Germany he ruled with an iron fist until he took his own life in 1945. He helped restore prosperity in Germany, Weekly earnings increased by 19% (but only because they increased work hours without an increase in pay). Nazis expected to cover their debt by plundering the wealth of conquered nations during and after the war. -
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Stalin
Joseph Stalin was a Georgian revolutionary and Soviet political leader who led the Soviet Union. He believed that to have a good economy you would also need a strong country. This is when he thought of the 5 year plan to rapid Industrialisation of Russia. This was at the cost of a drastic fall in consumer goods. this led to capital goods increasing by 158%, consumer goods increasing by 87%, and total industrial output increasing by 118%. -
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Great Depression
In the history of industrialization it was the most unstable the economy has ever been. U.S economy shrank by a third, GDP fell 29%, unemployment rate reached a peak of 25%, Consumer prices fell 25%, and wholesale prices plummeted 32%. So overall the great depression led to unemployment forcing most of the population into poverty. -
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WWII
It was a war fought amongst most of the great powers forming two main alliances the Allies and the Axis. Because of the war plenty of jobs opened up and black people and women were accepted into the work force. It also effectively ended the great depression itself, regulated economic activity, and partially controlled the economy through spending and consumption. -
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World Bank (WB)
An international organization used for providing financing, advice, and research to developing nations to help advance their economies. The World Bank promotes long-term economic development, like building schools, providing water and electricity, fighting disease, and protecting the environment. World Bank assistance is generally long-term and is funded by member country contributions and by issuing bonds. -
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International Monetary Fund (IMF)
The International Monetary Fund (IMF) is a major financial agency of the United Nations. They work to achieve sustainable growth and prosperity within their group of countries. The IMF does this by supporting economic policies that promote financial stability and monetary cooperation, essential to increase productivity, job creation, and economic well-being. -
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Bretton Woods conference
The Bretton Woods conference was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel. Those at Bretton Woods envisioned an international monetary system that would ensure exchange rate stability, prevent competitive devaluations, and promote economic growth. -
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General Agreement on Trades and Tariffs (GATT)
The General Agreement on Tariffs and Trade is a legal agreement between many countries. The GATT reduced tariffs, which boosted trade among countries. As they traded more freely with each other, more countries saw the benefits of free trade and wanted to join the agreement. -
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World Trade Organization (WTO)
The World Trade Organization is an intergovernmental organization that regulates and facilitates international trade. The WTO works closely with the GATT to reducing and eliminating trade barriers and modernizing the rules for international commerce.