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World War 1
The First World War was a war between 38% of the countries in the world. The aftermath of the war resulted in many roads, towns, farms, etc. It was quite costly to repair everything. The economy was ruined and the production of goods was incredibly low. Several countries around the world had a large amount of debt. -
Treaty of Versailles
The Treaty of Versailles was a treaty that made Germany pay for all damages from World War 1 in Britain, France, Russia and several other countries. The treaty also caused Germany to give up all their colonies. With everything added up they owed 33 billion dollars which would be 546,355,333,333.33$ today -
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Rise of Communism
In 1922 the Soviet Socialist Republic surfaced out of the previous Russia. The USSR became the first communist country. Communism is an economic model that gets rid of classes. Everyone works for everyone and gets whatever they need. Joseph Stalin eventually became the leader of the USSR. He increased their production by a ton but had thousands of people working in factories. -
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Stalin
Stalin was a Soviet political leader who led the Soviet Union from 1924 to 1953. He made the country a military and industrial giant. Stalin would set up production schedules for farms and force thousands of people to work in factories. Stalin made Russia's increased industrialization by 25% per year. -
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The Great Depression
The Great Depression was the worst economic downturn of the industrialized world. With the stock market crashing, people losing jobs and money almost everyone was poor. People were literally selling their children. Countries struggled to trade with each other cause there was a low amount of exports. -
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Hitler
Adolf Hitler was and Austrian born German politician who later became a dictator of Germany from 1933 to 1945. He arose to power with the help of the Nazi party. While in power he started World War 2 by invading Poland on September 1st 1939. He also perpetrated a genocide of about 6 million Jews called the Holocaust. He affected economic globalization but it was mostly negative. He stopped a lot of trade from happening between countries cause of the war. -
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World War 2
It started because the Treaty of Versailles was difficult for the German economy. Hitler said he could end those difficulties. He was elected in 1933 and eventually became their dictator. Hitler began World War 2 by invading Poland. Britain and France declared war after they invaded. Over 50 countries were involved and 60 million soldiers died. Women started joining the workforce during the war -
Breton Woods conference
Representatives of 44 different countries met up near the end of World War 2. They were trying to figure out how they could prevent economic disorder that could create another war in the future. The World Bank and International Monetary Fund were eventually created -
International Monetary Fund
The International Monetary Fund works to reach growth and prosperity for every country involved. They do so by promoting economic policies that support monetary cooperation and to keep the countries financially afloat. These things help a lot with the economic well-being and productivity of a country. -
World Bank
At the Bretton Woods Conference the countries involved decided that an creating an international organization that provide financial advice to developing countries around the world. They pretty much just try to help make other countries richer. This is economically globalizing because it's countries interconnecting each other from one side of the world to the other. -
General Agreement on Trades and Tarifs
In 1947 dozens of countries from around the world agreed to remove tariffs and trade barriers between countries elsewhere. In 1995 the GATT was changed to the World Trade Organization. -
World Trade Organization
The World Trade Organization (WTO) is the only global international organization handling the rules of trade between every nation. Their main goals are to help producers, importers, and exporters conduct business. As to what the do with economic globalization they ensure that trade moves as freely and smoothly as possible.