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WWI
World War I was the first world war, being a global conflict between world powers. Combat in the war required large amounts of resources and production, devastating the economy of the world during and after the war. This also led to large amounts of industrialization and lasting economic globalization. -
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Rise of Communism
The rise of communism (aka. Russian Revolution) was when communism started to gain popularity in Russia. -
Treaty of Versailles
The Treaty of Versailles was a treaty made at the end of WWI to punish Germany for their loss in the war. It mandated that Germany pay a large sum of money along with giving up its colonies and disarming to the allied nations. This devastated the German economy, leading to their wealth being distributed out of the country. -
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Stalin
Joseph Stalin was a Soviet leader in power from 1922 until 1952. During his rule, he set up a system that inspired socialism in the future. He created many communist policies. -
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Great Depression
The great depression was a time period in the 1900s during which there were high levels of unemployment, poverty, and devastating effects on the overall economics of the world. The great depression decreased international trade drastically and kept many countries more economically isolated. In the aftermath of the great depression, some countries implemented economic systems to ease future recessions. -
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Hitler
Adolf Hitler was the leader of the German Nazi party. He led the country with principles of self-sufficiency. His rule resulted in less economic traffic, along with WWII which changed economics. -
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WWII
WWII was a war taking place between 1939 and 1945. During the war between western powers and Russian allies, production was greatly increased to supply for the war, along with technological improvements. The war isolated sides from each other, but generally encouraged cooperation and globalization of economics. -
Bretton Woods conference
The Bretton Woods conference took place after WWII, aiming to create financial stability in economic globalization after the war. It created the World Bank and the International Monetary Fund, both outlined in their own areas. -
World Bank (WB)
The World Bank is an organization aiming to help developing nations economically develop by offering loans and assistance. They encourage more global equality in economics and integrate trade more. This increases economic globalization and brings more countries into it. -
General Agreement on Trades and Tariffs (GATT)
GATT was a treaty signed by 23 countries which aimed to reduce barriers to trade and increase economic prosperity following WWII. The agreement encouraged the increasing of economic interconnectedness and globalization. It's policies on quotas, tariffs, and other trade policies being restricted or stopped resulted in this. -
International Monetary Fund (IMF)
The IMF is an organization created at the Bretton Woods conference aiming to increase worldwide economic prosperity. The organization encourages economic policies that increase economic globalization. This has brought the world closer through loans, lack of restrictive economic policies, and interconnectedness. -
World Trade Organization (WTO)
The WTO succeeded the General Agreement on Trade and Tariffs, becoming an organization which evolves and controls trade policies and rules in the world. It encourages economic globalization through restricting tariff use, cooperating between countries, and resolving issues between countries.