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WWI
It was a giant war with many different countries such as the United Kingdom, the United States, and Germany. The main economic consequences were loss of resources and money, on both sides of the war, and with less resources means even less money. -
Rise of Communism
The October Revolution in Russia set the conditions for the rise of Vladimir Lenin Bolsheviks. Rule by communist parties has often led to totalitarianism, political repression, restrictions of human rights, poor economic performance, and cultural and artistic censorship -
Treaty of Versailles signing
Treaty of Versailles, peace document signed at the end of World War I by the Allied and associated powers and by Germany in the Hall of Mirrors in the Palace of Versailles. Due to the rigorous stipulations outlined in the Versailles treaty, encompassing territorial annexation, demilitarization, and war reparations, Germany experienced a significant deterioration in its global economic position. Consequently, this downturn triggered internal economic challenges and political upheaval. -
Stalin
Stalin, who was serving in the civil war of Russia before the Soviet Union, assumed leadership over the country following Lenin's death in 1924. He introduced us to a economic policy based cycle of 5 year plans -
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The Great Depression
The Great Depression was a global economic downturn for many countries. In the US alone, the industrial production from 1929-1933 fell by nearly 47 percent, GDP declined by 30 percent, and unemployment rate reached more than 20 percent. -
Hitler
Hitler was the guy who started WWII, and became chancellor of Germany in 1933. When he did become chancellor, he aimed at improving the economy by the privatization of state owned industries, and import tariffs -
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WWII
WWII was the largest and deadliest conflict in history, involving more than 50 nations and was fought everywhere, ground, air and sea. America's response was that 17 million new civilian jobs we're created and industrial productivity increased by 96 percent. -
International Monetary Fund (IMF) Establishment
IMF's goal is to achieve prosperity and growth of all it's members. It does that by supporting policies that promote financial stability and monetary cooperation. -
World Bank (Established)
World Bank supports investments in countries that sustain long-term growth. They work with policy makers to develop institutions, markets, and economies that are stable -
Bretton Woods Conference
The Bretton Woods system collapsed in the 1970's, but had an impact on creating the exchange of currency internationally, and trade through it's development of the IMF and World Bank -
General Agreement on Tariffs and Trade (GATT)
All members of GATT were expected to open its market equally to all other nations, and remove trade discrimination. They reduced average tariffs and industrial goods from 40 percent in 1947, to less than five percent in 1993 -
World Trade Organization (WTO)
World Trade Organization helps developing economies build there capacity. They also provide Assurance and Stability.