-
Period: to
WW1
WW1 was a global conflict that was caused by imperialism, and the need for more colonies to produce more raw materials. The war had Britain, France and Russia against Germany and Austria-Hungary. Many other countries were also involved in this war. Around 15 million soldiers were killed. The war left cities destroyed and needed to be rebuilt. USA had lent more the 7 billion US dollars out to European Governments. After the war the production of manufactured goods was down by 25%. -
Period: to
Rise of Communism
Russia in WW1 was a mess and were crushed. They had many shortages. The people of Russia started a revolution to get rid of their ruling family. The revolution was led Vladimir Lenin. He believed in Marx's communism and when he won the revolution, instated his communist party to govern Russia. The revolution shut down Russia already failing economy. Later on, Stalin took over the communist party and turned Russia into an industrial and military powerhouse. -
Treaty of Versailles
The Treaty of Versailles was the main peace treaty of WW1. It blames Germany for the war and made Germany pay reparations. Germany lost territory, had its military establishments reduced and had their overseas possessions taken away. This crippled Germanys economy, and they were unable to recover until Hitler and WW2. The Treaty of Versailles was a big contributor to the rise of Hitler. Germany had to pay around 33 million dollars. -
Period: to
Stalin
Stalin was the leader of the USSR. Stalin used his people to farm grain and exported tons of food globally. He turned a falling behind Russia into an economic and military powerhouse. Stalin merged all the Russian farms and brought all of their products together before distributing them globally. -
Period: to
The Great Depression
This was a period when consumers started spending more and investing in the stock market. People borrowed money from the bank to invest and get rich. When spending slowed down, production didn't. Stocks went down quick, and people lost money and couldn't pay back bank loans. Less people were buying, and the US started experiencing a downturn. They recalled all their loans which had European Countries become affected. More tariffs appeared that restricted international trade more. -
Period: to
Hitler
Hitler was an Austrian man who became a politician in Germany. He convinced Germany that he could fix their broken economy after WW1 and became the dictator of Germany. He convinced many Germans that they were part of a master race called Aryans and blamed all of Germany's problems on the Jews and had them put in camps and killed. He started WW2 and invaded many countries before going to war against the Allies. He was the main factor of WW2. -
Period: to
WW2
Germany was controlled by Adolf Hitler after WW1 and the Treaty of Versailles in order to restore Germany to a better country. Hitler began taking over more countries, starting with Austria and Czechoslovakia. When he invaded Poland Britain/France declared war. It was Germany, Japan and Italy Vs France Britain and Italy. In WW2, unemployment decreased by a lot and women started joining the work force. Many buildings were destroyed and more then 60 million people died. -
Bretton Woods Conference
The Bretton Woods Conference was a meeting between 730 delegates from 44 different countries to discuss how to prevent another world war. In this conference, they created the World Bank and the International Monetary Fund. The creation of the World Bank and the International Monetary Fund led to more control of the monetary affairs and rules regarding them. They helped to govern international trade and finance. -
International Monetary Fund (INF)
The INF was a product of the Brettin Woods Conference. Originally, they were created to set dependable exchange rates for countries and establish international economic stability and promote foreign trade. They also provided financial aid for countries after WW2. They govern international trade and finance and was part of the effort to prevent more world wars. The INF gives out little loans and works with currency. -
World Bank (WB)
The WB is an organization controlled by the government. Its goal when it was founded was to lend money to countries rebuilding after the war, speed up industrialization in countries and negotiate long term loans to increase productivity. Now, they try to reduce poverty, govern international trade and finance and discuss rules on how monetary affairs work. The WB gives out large loans and tries to end poverty in countries. -
General Agreement on Trades and Tariffs (GATT)
This agreement was a legal agreement made by multiple countries to promote international trade by lowering or getting rid of trade barriers like tariffs or quotas. This allowed for more international trade that promoted economic globalization because people were spending money globally for cheaper now. -
World Trade Organization (WTO)
The WTO is the only organization that controls trade between nations. The WTO monitors trade, dispute settlements and assist developing nations. They help developing nations learn to trade and set up trade. They build trade capacity and keep the global economy in check.