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World War 1
World War 1 was a global conflict known as the bloodiest conflict in the world between the Allied forces and Axis powers. Over 9 million people were killed and over 23 million were injured. This event effected Economic Globalization by forcing countries to spend all their money on war efforts leading to the first implementation of war loans. -
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Rise of Communism
The rise of communism started with the Russian Revolution, where the people of Russia started fighting against the Czar and appointed Lenin and the Bolsheviks. This effected economic Globalization because Russia was put through several economic hardships. -
Treaty of Versailles
The Treaty of Versailles was a treaty signed by Germany which stated that they basically had to pay for the costs of the war. The signing of this treaty affected Economic Globalization because Germany was put into so much debt that they couldn't really keep themselves in a position to stay in the economy. -
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Stalin
Stalin was a Russian dictator who is infamously known for killing millions of people by starving them and executing them. His regime affected Economic Globalization because he implemented a "five-year plan" in which he planned to increase production by 25% every year. This caused massive upgrades in the output of the country as well as the loss of life. -
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Great Depression
The Great Depression was an "economic slump" for several industrialized areas of the world such as North America and Europe. It happened because of massive amounts of unemployment and the crash of Wall Street. It effected Economic Globalization because it caused many economies to crash and caused multiple countries to go into massive debt to survive. -
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Hitler
Hitler was an Austrian dictator who ruled Germany and killed many Jewish people as a way to keep his power by spreading propaganda that all Jewish people were to blame for the loss of Germany in WW1 because they leaked important information. This effected Economic Globalization because Germany spent a lot of their resources on building and maintaining concentration camps, even though the conditions were still horrible. -
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World War 2
World War 2 was a war fought between Germany and its allies and the rest of Europe, with the intention of stopping the complete control of Europe by the Nazis. This event is known for the creation and usage of nuclear weapons and the death of many people. -
World Bank creation
The World Bank is an international bank that offers long term loans and funding for countries for development or crisis relief. the creation of the world bank caused a major boost in the number of countries that could become industrialized and part of the global economy. -
Bretton Woods Conference
the Bretton Woods Conference was a meeting between diplomats from several countries with the intent to create a new international monetary fund, and a more reasonable post-war spread of the expenses. This effected Economic Globalization because it forced the countries to work together. -
IMF creation
The IMF is an international organization that deals with currency exchanges and provided emergency funding for damaged countries. The creation of this organization effected Economic Globalization because it keeps countries in check and allows for the transfer of money to different countries. -
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GATT
GATT was an agreement between several countries to control and limit tariffs between the countries and allowed more free trade. This effected economic globalization because it allowed more free trade and brought countries closer together. -
WTO creation
The WTO is just a rename of GATT to be more inclusive and smart about how the teriffs and limitations are controllled.