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Stalin
- Stalin was the leader of the soviet union from 1929-1953
- He was a communist dictator who killed nearly 33 million people during his reign
- Stalin put a big road block in economic globalization
- Since Stalin was communist ther was no international trade meaning no economic globalization whatsoever
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WWl
WWl was a giant war because of militarism, alliances, imperialism, and nationalism. All of which had major effects on the countries themselves as well as the global economy. The war pitted Britain, France, and Russia (allied powers)against Germany and Austria-Hungary (Central powers). WWl could either be for or against economic globalization, the war brought multiple countries together in alliances but it also put a halt to countries trading with each other internatioanlly. -
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The Rise of Communism
The Soviet Union had a huge increase of communism in Russia. Communism was the idea that everyone should work for the benefit of all which would essentially eliminate class distinction. Communists believed that they were allowing for everyone to do what they were passionate about and face no obstacles. Communism took away from global trade and the interconnectedness of countries which ha detrimental effects in economic globalization. -
Treaty of Versailles
The treaty of Versailles, signed in June 1919, was made to prevent another world war and create peace between the allies and Germany. The treaty held Germany responsible for the war and imposed harsh reparation payments for the damage done by the war. They though this would minimize economic regrowth of Germany which in turn would prevent another war. The treaty had a major impact on economic globalization while it brought some countries together it also left some out to fend for themselves. -
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The Great Depression
The Great Depression was worlds longest and most devastating economic downturn experienced by the western world. Although originating the USA, the great depression caused a drastic decline in output, severe unemployment, and acute deflation in almost every country. Worldwide trade was brought to halt which took a major toll on economic globalization. Countries didn't have the funds or the product numbers to trade or make any sort of income, making it nearly impossible to trade with each other. -
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Adolf Hitler
Hitler become the dictator of Germany in 1933 and lasted until 1945. Although Hitler did many bad things for the economy such as the holocaust he also helped to boost the economy. One of Hitlers main ideas of being dictator was to better the economy. He did this my passing the unemployment relief act in 1933. This act aimed to reduce unemployment and boost production of goods. Hitler may have had his negative affects on economic globalization but his contribution to economy went unnoticed. -
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WWll
In 1933 Hitler was elected leader of Germany. He declared himself "absolute leader" and took over multiple countries. This lead to Britain, France, Austria, and Canada declaring war against Germany. More than 50 countries were drawn into the war and 60 million people died, both civilians and soldiers. WW2 greatly effected economic globalization. It decreased the amount of unemployment allowing for countries to make more money and have more products to trade amongst each other. -
Bretton woods conference
- Made up of representatives from 44 countries
- although WWll was not over, delegates were trying to figure out thow they could prevent the economic turmoil that could lead to another world war
- The world bank and the international monetary fund were developed which greatly efected economic globalization
- The WB and IMF gave the countries a reason to have to trade and interact and trade internationally
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World Bank
The World Bank is an international financial institution that provides loans and other funds to countries of middle to low income. The world bank works closely with the IMF working towards reducing poverty worldwide. The world bank has had a substantial contribution to economic globalization As it clearly states in the name it is the worlds bank which means it deals with the worlds finances, economically intertwining all countries. -
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International Monetary Fund (IMF)
Formed in 1995, the international monetary fund is a financial institution consisting of 190 countries altogether. Together they work to sustain economic growth, ensure global trade runs smoothly, promote financial stability, as well as promote high employment. The IMF's contribution to economic globalization has helped to keep the worlds economics and finances in a good place as well as work with the world bank to help with issues around the world. -
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General Agreement on Trades and Tarrifs (GATT)
- GATT was for economic globalization because it was interconnecting economies from different countries
- It wanted to get rid of trade barriers between coutries
- It was created to boost economic recovery and make international trade easier after WWll
- Had 8 rounds in total from April 1947 to December 1933
- In 1995 the GATT was absorbed into the world trade organization
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World Trade Organization (WTO)
The world trade organization regulates and facilitates international trade between countries and nations. The WTO is responsible for making sure runs smoothly between countries. It is also responsible for dealing with large amounts of money and loans around the world. The WTO has a huge impact on economic globalization as it economically interconnects countries and helps to ensure all countries are included in trade.
