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WWI
World War I was the first ever completely global war, fought between the "allies" and "central powers." The battles occurred in Europe, the Middle East, Africa, and parts of Asia. The global economic impact of world war one was extreme, it caused enormous amounts of government spending. Most countries went into extreme debt. -
Rise of Communism
The USSR was created and was the first of its kind. With it came the communist political structure and the goal of dissolving class distinctions. This new way of thinking opposed capitalism and wanted to benefit everyone instead of just certain groups. This caused a mass amount of workers to be laborers for little to nothing and work in harmful environments. Economically because of this implementation, there was a revolution that grew Russia's economy. -
Treaty of Versailles
The Treaty of Versailles was a peace agreement signed at the Paris Conference. it was to end the dispute and conflict between the central and allied powers. It also gave back parts of german-occupied colonies. The economic impact was forcing Germany to pay for the whole war and the damage they caused. This was great for the affected countries but gave Germany an unpayable amount of debt, which they swept under the rug. -
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The Great Depression
during the early 1920s citizen spending was at large. Because of this economic boom, people started investing into the stock market using credit. This in fact did not let them as they planned to "get rich quick" as eventually manufacturing overcame the demand for goods. This made stocks plummet, and because they invested with borrowed money they had to lose all their assets to pay back the massive loans. People had lost their houses and businesses. -
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Stalin
Stalin had a huge impact economic impact on Russia, because of his heartless means of using humans and treating them unethically he was able to achieve fast industrialization for his struggling country. Because of Stalin's jump to make Russia a prominent power he created competition and lead to the start of the Cold War which only pushed the Soviets further. Stalin's pure focus of money was also shown when he instead of feeding his citizens exported their food and caused mass starvation. -
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WWII
Because of the economic turmoil Germany was facing from the results of the great depression and paying back their damages from the first war they needed a way to improve their country's situation and fast. The "politician" Adolf Hitler came to his people with a promise to fix their money trouble and make Germans pleased with their country. He was put into power where he immediately liquidated their democratic system. The economic impact of WWII was the rapid manufacturing and damage fixes. -
Bretton Woods Conference
The Bretton Woods Conference was between all 44 allied nations to collectively come to a decision on how the government of the world would come together to help countries struggling after the war and how to prevent the start of another. This was an economic agreement that changed the global money system, effectively a massive change in economic globalization as they were starting to converge the world's monetary efforts. -
International Monetary Fund (IMF)
The IMF is a branch of the united nations that is responsible for fostering economic prosperity around the world. They push for countries to stay monetarily stable and sustainable. They have impacted economic globalization massively as they are a means of connecting countries and promoting trade and business between them. -
World Bank (WB)
The world bank started to help war affected countries rebuild and to speed up industrialization in developing countries and set them up for long-term success. Like the IMF its goals is to help countries regain their economic status after world war 2. But know the WB is more focused on funding infrastructure for under developed countries. This is a sustainable way to maintain good relations and promote growth. -
General Agreement on Trades and Tariffs (GATT)
The GATT was signed in 1947 and was to slowly lift the number of trade barriers and tariffs put in place between countries. From the GATT the world trade organization was created. This made the markets more equal for all countries that were involved. -
World Trade Organization (WTO)
The WTO is essentially the referee of global trade that keeps everything running smoothly. It controls 98% of international trade and facilitates negotiations and trade agreements with the hope of preventing tariffs. This organization has a huge impact on how governments and economies interact and exchange with each other.