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Adolf Dripler
Adolf Hitler was appointed chancellor of Germany in 1933. He ruled until suicide in 1945. He transformed Germany into a war state intent on conquering Europe. His invasion of Poland in 1939 triggered the European phase of World War II. During the war the Nazis executed 11 million people. After Hitler's rule Germany's Industrial output was down by 1/3. The country's housing stock was reduced by 20%. Food production was half the level it was before the start of the war. -
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WW1
World War I took the lives of more than 9 million soldiers; 21 million more were wounded. Civilian casualties numbered close to 10 million. The two nations most affected were Germany and France, each of which sent some 80 percent of their male populations between the ages of 15 and 49 into battle. Germany then had to pay 33 billion dollars which destroyed their economy for decades to come. -
Rise of Communism
The Provisional Government was established under the liberal and social-democratic government; however, the Bolsheviks refused to accept the government and revolted in 1917, taking control of Russia. Vladimir Lenin, their leader, rose to power and governed between 1917 and 1924. After the revolution those working in factories and mines dropped to 50% leaving large factories paralyzed due to lack of resources and fuel. Large amounts of grain were exported out of the country while people starved. -
Treaty of Versailles
The Treaty of Versailles was signed by Germany and the Allied Nations on June 28, 1919, formally ending World War One. The terms of the treaty required that Germany pay financial reparations, disarm, lose territory, and give up all of its overseas colonies. This essentially left Germany stranded in an economic pothole for decades to come which also led to the rise of Hitler. -
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Rule of Stalin (He was ballin)
Joseph Stalin was the dictator of the Union of Soviet Socialist Republics (USSR) from 1929 to 1953. Under Stalin, the Soviet Union was transformed from a peasant society into an industrial and military superpower. However, he ruled by terror, and millions of his own citizens died during his brutal reign. He turned Russia's economy around completely and even reduced unemployment to 0%! (We don't talk about the fact that he killed those who wouldn't work). -
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The Great Depression
The Great Depression was the worst economic downturn in US history. The stock market crash of October 1929 signalled the beginning of the Great Depression. By 1933, unemployment was at 25 percent and more than 5,000 banks had gone out of business. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International trade fell by more than 50%, unemployment in the U.S. rose to 23% and in some countries rose as high as 33%. -
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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). After the war the private sector saw a huge rise in profits as the government stopped buying munitions and hiring soldiers. Factories started making other products than bombs like toasters. -
International Monetary Fund (IMF)
The IMF monitors the international monetary system and global economic developments to identify risks and recommend policies for growth and financial stability. The Fund also undertakes a regular health check of the economic and financial policies of its 190 member countries. The IMF helps keep economies interconnected and encourages economic and trade growth. IMF member countries work together to form a more unified economy. -
World Bank (WB)
The World Bank works with developing countries to reduce poverty and increase shared prosperity. It is also 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. Through the WB, many countries have received the help they needed and their economies have greatly improved because of economic globalization. -
Bretton Woods Conference
The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was a gathering of delegates from 44 nations that met from July 1 to 22, 1944 in Bretton Woods, New Hampshire, to agree upon a series of new rules for the post-WWII international monetary system. It essentially helped stabilize economic globalization. -
General Agreement on Trades and Tariffs (GATT)
The General Agreement on Tariffs and Trade (GATT) covers international trade in goods. The workings of the GATT agreement are the responsibility of the Council for Trade in Goods (Goods Council) which is made up of representatives from all WTO member countries. The GATT helped get free trade which greatly improved many countries economies. -
World Trade Organization (WTO)
The World Trade Organization (WTO) is the only international organization dealing with the global rules of trade. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. Free trade means that countries can export and import products much more. This leads to strong interconnection economically.