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WWI
WWII was a global conflict that took place from 1914-1918. It was fought mainly in Europe but it spread to the middle east, Africa and also Asia. The first world war took place due to the assassination of archduke Franz Ferdinand. This war was the most horrible one due to the advanced weaponary and lack of war rules. This affected economic globalization because of the disruption global trade and economic ties due to all the destruction going on in the world at that time -
Communism
Communism is a type of goverment that believes that everyone is supposed to share the wealth that they create, so individuals do not own anything instead the government or a community owns these things.Communism started its rise in Russia after the October revolution in 1917, after the revolution power went to the All Russian Congress of Soviets which was a communist government.This impacted economic globalization by giving a challenge to capitalist economies influencing international relations. -
Treaty of versailles
The treaty of versailles was the aggrement that ended WWI. It was a treaty that outlined the conditions of peace between germany and the victorius countries. The treaty of versailles impacted economic globalization by imposing harsh terms on Germany and territorial adjustments which caused some global tensions. -
Stalin Takes power
Joseph Stalin was a Georgian born russian revolutionary and politician. Stalin was the second leader of the russian communist party, he took control after Vladimir Lenin died in 1924. Stalin changed Russia and is one of the reason that is a super power in the world right now, he launched a wave of economic policies that overhauled the industrial and agricultural face of the soviet union and made it a planned economy. He introduced the 5 year plan to the world. -
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The great deppresion
The great depression was a world wide economic downturn that lasted for 10 years from 1929 to 1939.It began in the United States with severe unemployment and crazy amounts of inflation but it affected almost every single country in the world.The great depression started because of the crash of the stock market in 1929 which was the result of the failure of banks.This affected economic globalization by reducing the global economic interdependence with countries only protecting domestic industries -
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Hitler
Hitler was a Austrian born German politician who was the dictator of Nazi Germany from 1933 to 1945 until his suicide. Hitler was also the cause of WWII but more about that later. He affected economic globalization by raising geopolitical tensions and disrupting global trade and economic cooperation. -
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WWII
WWII was the biggest and deadliest war in history, involving over 30 countries and approximately 15 million military personell lost their lives and around 38 million civilian deaths. This war lasted around 6 years. It was sparked by the Nazi invasion of Poland led by Hitler. This affected Economic Globalization by disrupting the global economies and ruining the post WWI rebuilding efforts. -
Bretton Woods Conference
The Bretton Woods conference took place in Bretton Woods, New Hampshire in 1944 during WWII to discuss the post war world after the predicted defeat of Germany and Japan. It was attended by experts representing 44 states. It drew up projects for the world bank and international monetary fund. This affected Economic globalization by establishing 2 important institutions to promote economic stability and development. -
World Bank (WB)
The world bank was a result of the Bretton Woods conference. It is meant to be the largest source of funding and knowledge for developing countries to advance their economies. And it was also created to provide post war rebuilding support for poorer countries. The WB affected Economic globalization because it supported infastructure development and economic recovery which contributed to global growth. -
Internation Monetary Fund (IMF)
The International Monetary Fund was also a result of the Bretton Woods conference along with the World bank. The IMF is meant to foster global cooperation, facilitate international trade, promote high employment and reduce poverty around the world. This affected economic globalization by stabilizing currencies and supporting countries facing economic challenges. -
General Agreement on Trades and Tariffs (GATT)
The general Agreement on Trades and Tariffs is a treaty signed by 27 countries in 1947. It is a treaty minimizing barriers to international trade by getting rid of or reducing quotas, tariffs and subsidies. This agreement was meant to boost economic recovery after WWII. This treaty affected Economic Globalization by expanding global trade because of the lower amount of tariffs and trade restrictions. -
World Trade Organization (WTO)
The World Trade Organization was established in 1995. It is made to ensure that trade flows smoothly and freely as possible. But the main objective of the WTO is to help its members use trade as a means to raise living standards and improver lives of people and it basically helps developing countries build their trade capacity. This affected Economic Globalization by providing a forum for negotiating trade agreements resolving disputes.