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WW1
World War I pitted Germany, Austria-Hungary and the Ottoman Empire against Great Britain, the United States, France, Russia, Italy and Japan. New military technology resulted in unprecedented carnage. By the time the war was over and the Allied Powers claimed victory, more than 16 million people—soldiers and civilians alike—were dead. This affects Economic globalization because There was limited trade between countries. -
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The rise of communism
In 1914 Russia was under the absolute monarchy of czar Nicholas 2, worker conditions were terrible and workers struggled to survive. The union of soviet socialist republics that emerged out of former Russia in 1922. This effects economic globalization because the workers are unable to make reasonable pay meaning they are not a part of the economy. -
Treaty of Versailles
The treaty of Versailles required Germany to pay financial reparations, disarm, lose territory, and give up all of its overseas colonies. This effects economic globalization because it breaks the economic connection between Germany and the rest of the world. -
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stalin
Stalin made Russia into a military superpower from an unindustrialized country through near imposable economic goals and death as the penalty for failure. -
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The Great Depression aka (the big sad)
The Great Depression was the worst economic downturn in US history. It began in 1929 and did not abate until the end of the 1930s. By the end of the decade, there was a natural decline in spending but manufacturers didn't decrease production. The effect of economic globalization is because People didn't have money to spend so it was nearly impossible to sell anything at all, in other words, not demand and no supply. -
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The rise of hitler
Adolf Hitler (1889 - 1945) was appointed chancellor of Germany in 1933 following a series of electoral victories by the Nazi Party. He ruled absolutely until his death by suicide in 1945. He and other Germans were outraged and humiliated by the harsh terms of the Treaty of Versailles. This effects economic globalization because Hitler started another war that hurt the country's economy on every front. -
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WW2
World War II was a conflict between 1939 and 1945 that involved all the world's major countries. It was the most destructive war in history and millions of people were killed. It was fought between the Axis (Germany, Japan, and Italy) and the Allies (Britain, the US, and the Soviet Union among others). One of the results of this was that there was an increase in demand for tradesmen to repair the damage of WW2. -
Bretton Woods conference
The Bretton Woods conference in 1944 was designed to figure out how to prevent future wars and economic turmoil. The conference was comprised of 44 countries. -
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International Monetary Fund
"The IMF monitors the international monetary system and global economic developments to identify risks and recommend policies for growth and financial stability" according to the IMF website. This effects globalization because IMF identifies risks in a country's economy and helps them change a natural result of demand and supply. -
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World Bank
The World Bank Group is one of the world's largest sources of funding and knowledge for developing countries. Its five institutions share a commitment to reducing poverty, increasing shared prosperity, and promoting sustainable development. Natural the head of the bank is appointed by the U.S. government. This effects globalization by reducing poverty and increasing the prosperity of the collective. -
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General Agreement on Trade and tariffs
Signed in 1947 the General Agreement on Trade and tariffs, GATT regulates world trade with 23 nations. its purpose is to make the world more interconnected to limit wars. -
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World trade organization
The World Trade Organization deals with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. This directly effects globalization because it manipulates trade for the better.