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World War I
WWI was a global event caused by the assassination of the Austrian "Archduke Franz Ferdinand". After the war, everyone decided to blame Germany for the war, and they had to pay back 33M$ in repair fees. This effected economic globalization because earlier in the war, the USA provided countries with loans and supplies, so they all had to pay the USA back because they were struggling economically, this caused The Great Depression. -
The Rise of Communism (Russia)
Communism was adopted in Russia after the Russian Revolution. -
Treaty of Versailles
A Treaty that pretty much said "We blame Germany for WW1, they should pay all of the repair fees". This effected Economic Globalization because is pretty much economically destroyed Germany, thus causing Hitler. It also caused a boom for the USA. This also is the reason the "League of Nations" was formed. -
The Great Depression
The Great Depression was caused by many factors, but people tend to say it started after one of the biggest stock market crash in history. The United States proceeded to demand the countries they loaned to that they pay them back, but because they were equally as broke, they couldn't. This affected economic globalization because it was the reason the "Boom Bust Cycle" was invented. It also caused severe-unemployment, decline in trade, and more (keep in mind this was during the depression). -
Stalin
Dictator who came into power after manipulating everyone in Russia. He made Russia a global superpower (his two main goals being rapid industrialization and collectivization of agriculture), doing this cost him millions of Russians. This effected Economic globalization because he rapidly industrialized Russia, Russia also becoming a global superpower also allowed them to trade much more (oil as an example) -
Hitler
A man who came into power after saying he can make Germany great again. He also hated the Jews a lot because he blamed the Jews for the reason Germany was falling apart. Some ways he improved the economy in Germany was the privatization of state industries, tariffs on imports, and more (he also didn't pay any of the Treaty of Versailles money). He affected Economic Globalization because he is pretty much the reason the WB and the IMF exist (he started the war). -
World War II
A global war that lasted 6 years. Started by Hitler after Germany's invasion of Poland, it originally consisted of France, British (and their colonies) against the axis (Germany, Italy, and Japan), United States later coming in after Pearl Harbor. Approximately 12M people died during the war (a lot coming from the concentration camps the Nazis sent jews into). It affected economic globalization because it formed the WB and IMF (these are efforts to prevent another war). -
Bretton Woods conference
A conference that happened which was a bunch of people thinking about ways to prevent another war. It affected economic globalization by promoting international economic cooperation (also IMF and WB but I already mentioned that for the last two). -
General Agreement on Trades and Tariffs (GATT)
GATT was created to "form rules to end or restrict the most costly and undesirable features of the prewar protectionist period" (investopedia). It pretty much minimized the strict barriers trading had, this allowed much easier international trade. this affected economic globalization by making trading with other countries more bearable, it also made the idea of a free market more popular. It also made average tariffs on industrial goods from 40% to less than 5%. -
IMF and WB (International Monetary Fund and World Bank)
The IMG monitors the international monetary system and global economic developments to identify risks and recommend policies for growth and financial stability. The World Bank offers support to developing countries through policy advice, research, and other stuff (Sources are the WB and IMF Websites). They affect economic globalization by providing financial stability to countries. -
World Trade Organization
An intergovernmental organization that regulates and facilitates international trade. It's pretty much a expanded version of GATT. It affects economic globalization by lowering trade barriers through negotiations among member governments.