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WW1
World war 1 started when an Austrian government got murdered in his car. Many countries got involved in a worldwide conflict that ended up killing over 16 million people. The world war affected economic globalization as it was the first-ever global conflict. Many countries spent lots of money on the military. Some countries were also in lots of debt to other countries. -
Rise of Communism
The rise of communism is a political and economic ideology that there should be no classes and everything should be shared equally. Communism makes sure that everyone even the poor gets food and basic health care. Communism however has led to more than 100 million deaths in the last century due to famine, political killings, and genocides. Communism made a decline in economic development as it caused less motivation for individuals to contribute to the economy. -
Treaty of Versailles
The treaty of Versailles was a peace treaty that the allies signed after ww1 to limit the German army, take away some of the German lands, and make them pay back war reparations. This had a huge impact on Germany's economy as Germany's economy was basically crippled. -
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The great depression
The great depression was a time of worldwide economic depression from 1929 to 1939. A series of unfortunate events led to many homeless people and a downward spiral in the economy. It started with the US having a decline in economy which meant that they started to get countries that were in debt to them to start paying them back the debt. This meant that other countries in Europe started having their economy also go down and the downward spiral affected the whole world's economy. -
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Stalin Rule
Stalin was a nutshell person who started a revolution in the soviet union. He was a leader of the communist party and in 1930 had pretty much become the dictator of the soviet union. He had drastic views to increase the industry at an unrealistic pace. This led to many people dying and becoming slaves. Though Stalin was harsh and many people died, he did increase the production of food and increased the economic industry in Russia. -
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Hitler
Hitler was a soldier in world war I and believed that the Jews were the reason for all their struggles. He also believed the German race to be the superior race. Hitler would gain almost complete control of Germany in 1933 and started world war 2. He would eventually commit suicide in a bunker in 1945 as it was clear the Germans were going to lose the war. Hitler started world war 2 because the treaty of Versailles had negatively affected the Germans economy. -
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WW2
Germany was heavily affected by the treaty of Versailles and so elected a person named Aldof Hitler to help them. Hitler started world war 2 by evading Poland and many other countries. In world war 2 many countries got involved and the war eventually ended with Germany losing to the allies. After world war 2 a divide between communist countries and democratic countries led to a coldwar. The divided world created a globalized economy. -
World Bank
The World Bank was originally established as a single institution at Bretton woods in 1944. The UK and US governments played a part in making the World Bank. The goal of the World Bank was to rebuild the economy of postwar Europe. The world bank helped countries improve their access to developed country markets enhancing their participation in the world economy. -
International Monetary Fund
The International Monetary Fund was established in 1944 during the Bretton Woods conference. The goal was to help countries in Europe following world war 2. The conference also made a gold standard to try and help countries maintain their currency. The gold standard was a way for people to trade money with banks for gold so that it would give money a more fixed amount. This made people have more trust in their money and help the economy. -
Bretton Woods Conference
Bretton Woods conference was an event that happened in 1944 where 44 allied nations came together to discuss how to help countries recover after world war 2. The Bretton Woods Conference helped countries recover from the effect of world war 2 and so be able to contribute more to the global economy. -
General Agreements on Trades and Tariffs
The General Agreements on Trades and Tariffs was a legal agreement by many countries to reduce or eliminate trade barriers such as tariffs so that it will encourage more international trade. This helped countries have more international trade and connect countries' economies. For example, if you lived in Canada you could get an orange or banana from the grocery market because of the international trade. -
World Trade Organization
The World Trade Organization is an intergovernmental organization that regulated international trade. The World Trade Organization was signed by 123 nations in 1995, replacing the General Agreements on Tariffs and Trades. The World Trade Organization has a great influence on the rules of the globalization trade Which affects individual countries' economies and the global economy.