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WWI
WWI was innitiated after the assassination of Archduke Franz Ferdinand of Austria. The war was between The majority joined on the side of the Allies, including Serbia, Russia, France, Britain, Italy and the United States. They were opposed by Germany, Austria-Hungary, Bulgaria and the Ottoman Empire, who together formed the Central Powers. After WWI the global economy began to decline as countries spend a lot of money on war things and such. -
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The Rise of Communism
Started in the 20th century, several Communist governments came into power, first in the Soviet Union with the Russian Revolution of 1917, and then in portions of Eastern Europe, Asia, and a few other regions after World War II. By 1990, the former communist leaders were out of power, free elections were held, and Germany was whole again. The peaceful collapse of the regimes was by no means pre-ordained. -
Treaty of Versailles
After the Treaty The United States took more control over the global economy, while the European countries recovered. Trade was severely affected as Germany was limited on imports & exports on industrial goods and military goods. During the Treaty Germany had to pay 33 billion dollars crippling germanys economy, they also were not allowed to militarize many areas. It was like anyway was able to walk into Germany and spank anyone they wanted (not really but thats what is felt like.) -
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Stalin
Stalin came to power in 1922 after the death of Lenin (Which Lenin said not to give him power, but he got it and suddenly a bunch of his rivals disappeared). He industrialized Russia, with agriculture dropping 23% because so many people were pushed into factories. However Industrialization went up by 25% every year because of this. -
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The Great Depression
The great depression caused severe global economic downturn. Tons of world wide unemployment caused a drastic decline in worldwide output of good and services.
Real GDP fell 29% from 1929 to 1933. The unemployment rate reached a peak of 25% in 1933. Consumer prices fell 25%; wholesale prices plummeted 32%. Some 7,000 banks, nearly a third of the banking system, failed between 1930 and 1933. -
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Hitler
Hitler rose to power at a time of economic downturn during the depression. He used this to his advantage blaming the terrible conditions they were in on the Jews. Hitler aimed privatized the german economy, in doing this he reduced global trade, but that didn't really matter because Germany was going around blowing everything up. At the end of his rein many countries had spent lots of money on the war. -
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WWII
America's response to World War II was mobilization of a new economy. During the war 17 million new civilian jobs were created, industrial productivity increased by 96 percent, and corporate profits after taxes doubled. However most European countries had to put a lot of money into rebuilding and repairing damages to city etc. -
The Creation of the World Bank
The world bank promotes long term economic development and tries to reduce worldwide poverty. it also provides technical and financial support for countries to develop things such as schools, education, water, & food. -
International Monetary Fund
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. -
Bretton Woods Conference
The Bretton Woods Agreement and System created a collective international currency exchange regime that lasted from the mid-1940s to the early 1970s. The Bretton Woods System required a currency peg to the U.S. dollar which was in turn pegged to the price of gold. The Bretton Woods System collapsed in the 1970s but created a lasting influence on international currency exchange and trade through its development of the IMF and World Bank. -
World Trade Organization
The organization provides middle ground that allows member governments to negotiate and resolve trade issues with other members. The World Trade Organization main focus is to provide open lines of communication concerning trade among its members. The World Trade Organization focus on global communication allows for things like world wars to be prevented which in turn means there is less economic downturn in repairs and blowing each other up. -
General Agreement on trades and Tariffs (GATT)
GATT creates trade routes between countries and eliminates tariffs. This allows for worldwide trade to be open and steady. GATT also helps discourage wars, which in turn stops trade routes and affects the global economy.