-
Period: to
World War One
The first large scale global conflict, often called the great war. It was allies against the central powers (Germany, Austria-Hungary and bulgaria). During this time, GDP went down 9.5%, as well a growth in population halved. -
Period: to
Rise of Communism
The rise of communist started when the communist party took over Russia and formed the soviet union, after 5 years, communism allowed Stalin to turn Russia into a super power. After WW2, Communist Russia and Capitalist US were at each others necks due to their polar opposite beliefs, this resulted in increased spend for both nations, thus causing inflation and resulted in a deficit in spending. -
Treaty of Versailles
The Treaty of Versailles marked the end of World War One. It economically crippled Germany because Germany signed a War Guilt Clause, saying that they were responsible for all of the damages and had to pay reparations. In order to pay back their debts they printed an insane amount of money, this caused hyperinflation, then the collapse of the german economy because their money had essentially became useless . Germany had to make a new kind of currency to recover. -
Period: to
Joseph Stalin
Joseph Stalin is the person who was responsible for turning russia from a third world country into a military super power. This made them competitive on the global market. -
Period: to
The Great Depression
The Great Depression was a time period where the whole global economy just kind of sucked. The global economy came to a halt because no one could get employed because no one had any money to pay employees. This was because no one could export or get imports because of a lack of production due to low employment rates. -
Period: to
Hitler
Hitler was a dictator of Germany and the main person behind the holocaust, as well as the person who started WW2. He caused the death of millions, as well as the destruction of a large portion of Europe's infrastructure. -
Period: to
World War Two
World War Two was a war fought between the Allies (Great Britain [ including their colonies ], the United States of America, China, Poland, France and the Soviet Union) against the Axis (Nazi Germany, Japan and Italy). During WW2, the US' economy increased by 96% and gave 19 million new jobs. The aftermath of WW2 is responsible for a great growth in european infrastructure. It also marked the end of the unstable global economy, leading to a growth in technology. -
The World Bank
The World Bank is an intergovernmental organization created to make it so countries debt is owed to an organization, not to another country that they could attack. -
Bretton Woods Conference
Made of 44 countries, the conferences goal was to avoid another world war that was caused by economic turmoil. Through this conference the World Bank and International Monetary Fund which changed how the global economy worked. -
International Monetary Fund
The IMF (International Monetary Fund) is a large financial agency of the UN. The IMF was created to have dependable international exchange rates as well as to make stable international economies and promote foreign trade. Currently the IMF is providing short term loans to countries in emergencies, allowing weakened countries to be restored to economic stability. -
General Agreement on Trades and Tariffs (GATT)
The General Agreement on Trades and Tariffs was an agreement to eliminate trade barriers such as tariffs. The other goal was to promote international trade in hopes of stopping wars. -
World Trade Organization
The World Trade Organization is an intergovernmental organization that facilitates trade in goods, services and intellectual property. It makes a place to negotiate trade agreements, and aims to reduce trade barriers. The WTO replaced the general agreements on tariffs and trade.