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WW1
- World War I was an international conflict that embroiled most of the nations of Europe, the Middle East, and other regions.
- The war marked the end of the first big period of escalating international economic links and influenced the development of the twentieth century's economic history.
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Rise of Communism
- After the Second International failed, Russia promoted the formation of a global communist organization that would serve as the Third International. Communists believed that everyone should be sharing the wealth they create.
- In the communist government all the wealth produced was shared among the people, based on their needs, rather than on their contribution to the work.
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Treaty of Versailles
- One of the most debatable treaties in history is the Treaty of Versailles. It made Germany and the other Central Powers responsible for starting World War I.
- This treaty had a significant negative economic impact on Germany and caused a financial crisis in 1923.
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Stalin
- Stalin was a Soviet political figure who headed the Soviet Union from 1924 until his death in 1953. He was a Georgian revolutionary.
- Stalin affected economic globalization by enacting fast industrialization and widespread agricultural collectivization.
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The Great Depression
- A period of severe economic slump was known as the Great Depression. After a significant decline in American stock prices, the Depression became clearly visible.
- In practically every nation on earth, the Great Depression led to sharp drops in output, high unemployment rates, and acute deflation.
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Hitler
- German politician Adolf Hitler ruled as ruler of Germany from 1933 until his death in 1945.
- Privatization of state-run businesses, taxes on imports, and an effort to achieve economic self-sufficiency were only a few of Hitler's economic reforms.
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WW2
- The vast majority of nations in the globe, including all the great powers, formed two competing military coalitions during World War II called the Allies and the Axis forces, which created one of the most deadly wars in history.
- Following the war, Europe's GDP increased by three times in the second half of the 20th century.
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World Bank (WB)
- The World Bank offers a wide range of financial services and technical support. Additionally, they assist nations in exchanging and using cutting-edge information and remedies to the problems they face.
- By offering technical assistance and financial support to assist nations in protecting their environment, the World Bank fostered long-term economic development and the eradication of poverty.
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International Monetary Fund (IMF)
- The IMF works to achieve sustainable growth and prosperity for all of its 190 member countries.
- The IMF supports nation-building and nation-maintenance of robust economies by promoting global financial stability and by offering policy recommendations and assistance with capacity development.
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Bretton Woods Conference
- The conference was to come to terms with a system of international collaboration and economic order that would aid nations in recovering from the devastation of the war and promote long-term global progress.
- By encouraging international economic cooperation, the Bretton Woods Conference had an impact on economic globalization.
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General Agreement on Trades and Tariffs (GATT)
- The GATT is a binding legal agreement between many nations whose main goal was to advance commerce by lowering or doing away with trade restrictions like tariffs or quotas.
- Trade between nations was promoted by the GATT's reduction of tariffs. More nations desired to join the pact as they understood the advantages of free trade and traded more freely with one another.
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World Trade Organization (WTO)
- The WTO is the international body that oversees international trade regulations.
- The WTO is significant for globalization because it forces more than 130 nations to open up their economies to one another and comply with similar standards, facilitating trade and investment.