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WWI
Britain, U.S., and France fought against Germany, Italy and Austria-Hungary. Many countries were in debt and had to pay mass amounts in pensions which caused a global economic downturn. Germany was particularly affected due to the Treaty of Versailles which held them accountable for the war. This created such a bad downturn for Germany that it eventually led to Hitler starting WWII -
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Rise of Communism(Russian Revolution)
Due to the lack of industrialization and a very poor quality of life, Czar Nicholas II was forced to step down and then eventually executed. This led to the emergence of the USSR, the first ever communist state, which although it led to mass famine and death, it greatly accelerated the rate of industrialization in Russia. -
Treaty of Versailles
A treaty that held Germany accountable for the events of WWI and forced them to pay all damages. This caused mass economic downturn in Germany, which led to Hitler starting WWII. This held Germany responsible to pay over 568 billion USD in todays money. -
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The Rule of Stalin
Stalin ruled the USSR from his rise to power in 1922 to his death in 1953. He was a communist, and like Hitler although he caused mass death and famine in the USSR, he was able to increase productivity and industrialization by a huge margin. Stalin was focused on increasing the output of the USSR economy by any means possible. He also collectivized USSR agriculture. This created
problems because if the region's conditions became unfavorable, Russia's entire agriculture output would be halted. -
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The Great Depression
Economic crash in the U.S. due to factors like unlimited credit. This downturn caused the U.S. to call in their loans which caused economic downturn around the rest of the world. -
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The Rule of Hitler
Hitler was a member of the Nazi party and ruled Germany from his election in 1933 to his death in 1945. He started WWII when he invaded Poland, and although he led to mass death, he technically did improve the economy for Germany after they were forced into a economic crash due to the Treaty of Versailles. He focused on the self sufficiency of Germany so they would never have to rely on other countries again. -
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WWII
The Great Depression and the Treaty of Versailles caused economic hardship in Germany. Hitler promised to fix their problems and was elected in 1933. He eventually invaded Poland, causing Britain and France to declare war. The war caused over 60 million deaths, but caused for a sudden decrease in unemployment and for a substantial amount of women to join the workforce. -
Bretton Woods Conference
Delegates from 44 different countries met to discuss how to prevent economic turmoil that may lead to international conflict. They developed the World Bank and International Monetary Fund, which in turn encouraged international trade and economic stability. -
International Monetary Fund
The IMF was developed at the Bretton Woods conference in 1944. Their original objective was to establish a stable international economy, set dependable exchange rates for different currencies and encourage international trade. Currently, they are focused on providing emergency loans for countries in need and to rid governments of corruption. -
World Bank
The World Bank is another result of the Bretton Woods conference. It is owned by the governments that participate in it but is led by the U.S. government. It's original goals were to lend money to countries struggling from war, to accelerate economic progress and industrialization, to help develop natural resources and to loan money for longer to increase productivity in countries. It's current goals are to increase wealth and decrease poverty in developing countries and to fund infrastructure. -
GATT
An agreement to eventually abolish tariffs and other trade barriers. The WTO was emerged from this. This allowed for non restricted trade between countries. -
World Trade Organization
The World Trade Organization emerged from GATT in 1995. It deals with global rules of trade between nations. It allows for producers, exporters and importers to manage and protect their buisnesses.