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WWI
WWI was a war between Britain, Russia, and France against Germany and Austria-Hungary. Many soldiers were killed in this war, and a lot of money was lost. WWI was a devasting event in the global economy. Towns and cities were damaged, which meant more money had to be spent on fixing those damages, while also making sure money covered the weapons and soldiers. After WWI, income taxes had to be implemented, so that money could help build back the economy. -
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Rise of communism
The Rise of communism happened after the Russian Revolution. Russia had a lot of colonies around the world, and a lot of people lived there. After WWI, shortages of food started to occur, and workers wanted better wages. The Soviet Union then emerged and the start of communism began. People would get what they needed based on their needs and how everything works out as a majority, rather than what they worked for. Only higher powers benefited from this, and not citizens. -
Treaty of Versailles
The Treaty of Versailles is a peace document that was signed by Allied Nations and Germany after WWI. The treaty stated that Germany would have to hand over some colonies in other parts of the world, and also pay reparation for the damages caused by the war. This affected Germany as they had to pay a lot of money, but also hand some of their colonies that had quite a lot of natural resources. Asides from the war, the other countries didn't really benefit, except a promise of peace. -
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Stalin
Russia was now ruled by Joseph Stalin and became a one-party state. Stalin wanted a more industrialized Russia and a stronger military. He put people to work on farms so that grain production could increase. He was the party leader of the Soviet Union, which was a communist party. This affected the economy in Russia because they were getting a lot more money from the fast-increasing rate of production, but workers were not put in proper working conditions, so a lot of them died from starvation -
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The Great Depression
The Great Depression was a global economic destruction economic, it affected all countries. It was the longest economic downturn in the newly industrialized world. It had a bad impact on economic globalization due to the lack of spending which decreased production. Those were all critically important in the economic aspect of the world. -
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Hitler
Hitler was elected into the government in 1933 and promised to fix the economic issues that Germany was facing after WWI and the Treaty of Versailles. He then became dictator and invaded Poland, which led to a rivalry war with Britain and France. Hitler's actions although did increase Germany's economy, it came at a loss for a lot of people. -
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WWII
WWII started due to Germany invading Poland, this war was between BritainxFrance and Germany. There was a great loss of money and people. It was better for economic globalization because it promoted economic stability and modern economic growth. After this war, a lot of political worldviews were modified, therefore creating a better global understanding. -
Bretton Woods Conference
The Bretton Woods Conference took place due to the devastation and loss due to WWII. The conference was held to discuss a global economic system and ways to help countries recover economically. It was what led to the creation of the World Bank, and the International Monetary Fund. It was a conference that bettered economic re-stability globally. -
World Bank (WB)
WB helps countries share and apply ideas and solutions to use in tackling the difficulties they experience. Their main goal is to end extreme poverty in developed countries. It affected economic globalization for the better because it was improving trade markets and involvement in the trading system. They are a group that helps developing countries evolve economically, so they are not left/lacking behind. -
International Monetary Fund (IMF)
The IMF was created in 1945 as a way to help countries after the Great Depression. It's a global organization that allows countries to borrow money when they start to face financial difficulty. The Great Depression had a huge impact on economies, and not a lot of those countries were able to regain financial stability. One impact of this organization is reducing the big gap of economic inequality, while also allowing them to build their international reserves and stabilize their currencies. -
General Agreement on Trades and Tariffs (GATT)
GATT is an agreement/treaty that was signed by 23 nations in 1947. It lowers trade restrictions by reducing quotas, tariffs, and subsidies. After World War II, it was designed to accelerate economic recovery. It expanded and helped a lot, and later on became the World Trade Organization (WTO).
It affected the economy globally by helping restore economic strength in countries and making sure trade exchanges are happening freely amongst each other, but also avoiding favouritism and discrimination. -
World Trade Organization (WTO)
This is a global international organization that controls trade between nations. It helps make sure bargains are being held and it's also a way for governments to make trade agreements easily. It impacted economic globalization by increasing global trade everywhere. It helps make sure global trade runs smoothly. https://www.investopedia.com/terms/w/wto.asp