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World War 1
World War 1 was a war that occurred between 1914 and 1918. It caused the downfall of several empires, redrawn borders, and the loss of millions of lives. This conflict led to a rise in economic globalization due to a surge in demand for goods and services. Countries benefited from it, and others suffered greatly. -
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Rise Communism
Communism's rise and spread have had significant effects on economic globalization. Communist countries often implement policies that clash with free market principles, leading to inefficiencies and economic stagnation. Some communist countries have achieved rapid growth and industrialization. -
Treaty of Versailles
The Treaty of Versailles, signed after World War I, significantly affected economic globalization. It imposed harsh reparations on Germany, leading to an economic downturn and the eventual rise of the Nazi Party. The treaty also created the League of Nations to promote international cooperation, but the United States' decision not to join weakened its effectiveness. -
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Stalin
Joseph Stalin was a Soviet politician and dictator who led the Soviet Union from the mid-1920s until he died in 1953. Under Stalin's leadership, the Soviet Union initially pursued economic self-sufficiency but ultimately embraced economic globalization through industrialization programs that modernized the Soviet economy and integrated it with the global economy. This led to rapid industrial growth but came at a significant cost to the well-being of Soviet citizens. -
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The Great Depreesion
The Great Depression was a severe economic downturn that lasted from 1929 to 1939. It began in the US and spread to other nations, causing a decline in international trade and investment. Protectionist measures were adopted, exacerbating the global economic downturn. Nationalism and authoritarianism also increased, impeding global cooperation and economic growth. -
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Hitler
Adolf Hitler was a German politician and leader of the Nazi Party who led Germany during World War II and was responsible for the Holocaust. His aggressive foreign policy disrupted international trade, and his policies aimed to create a self-sufficient German economy, reducing global economic integration. His exclusion of Jews and minority groups from the economy deprived the German economy of their talents and contributions. -
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World War 2
World War 2 was a global conflict from 1939 to 1945 involving most nations in two opposing alliances. It impacted economic globalization by destroying factories, infrastructure, and cities, leading to new trade agreements and policies. The war also saw the emergence of the US as a dominant economic power, shaping the post-war economic landscape. Despite the devastation, it led to technological advancements, international cooperation, and economic growth. -
Bretton Woods Conference
The Bretton Woods Conference in 1944 created the IMF and World Bank to promote international economic stability. It established the US dollar as the world's reserve currency, tied to gold at a fixed exchange rate, facilitating economic globalization. -
International Monetary Fund (IMF)
The IMF provides financial assistance to countries with economic difficulties and promotes international monetary cooperation and trade. -
World Bank
The World Bank provides financial aid to developing countries. Established after WWII for European reconstruction, it now promotes economic development and poverty reduction globally. Its impact on economic globalization is evident in trade and investment encouragement and policies supporting growth and stability. -
GATT( General Agreement on Tariffs and Trade)
GATT was created to reduce trade barriers between nations and promote economic globalization. It has significantly impacted the world economy, but the benefits have not been evenly distributed. -
WTO(World Trade Organization)
The WTO was established in 1995 to promote free trade among member countries. It sets and enforces rules and regulations to ensure work flows smoothly and freely. The organization has helped reduce trade barriers and tariffs, increasing trade and economic growth.