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WW1
WWI lasted from 1914-1918. It involved a number of countries and was the first major war of the twentieth century. As a result, it had a huge impact on economic globalization, as it was also a big turning point in global industrialization. The war resulted in a decrease in the worldwide flow of goods and services, as countries focused on rebuilding their economies and paying their debts. -
Rise of Communism
Communism is an economic and political system that is based on the idea of a classless society with shared ownership of the means of production. Communist countries limited the flow of goods, services, and capital across international borders. This impacted countries that had been relying on global trade for their economic growth, and caused a decrease in economic activity. -
Treaty of Versailles
The Treaty of Versailles was a peace treaty signed between the Allies and Germany in 1919 at the end of WW1. The treaty included the payment of reparations to the Allies for damages caused by the war. The harsh reparations imposed on Germany caused a decrease in the country’s ability to trade with other countries. This led to a great decrease in the global flow of goods. -
Stalin
From 1924 until his death, Joseph Stalin was a leader of the Soviet Union. Under his rule, the Soviet Union experienced rapid industrialization and economic growth. Ultimately, his policies of authoritarian rule led to a decrease in individual freedoms, and his economic policies caused a decrease in global trade and his communist ideals spread to other parts of the world. These effects would continue to be felt for many years after Stalin’s death. -
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Great Depression
The Great Depression was a global economic crisis that lasted from 1929 to the early 1940s. It was the longest lasting economic downturn in history, and was caused by a number of factors, including the collapse of the stock market and the protectionist policies of major economies. The crisis caused a decrease in world trade, it caused a period of political and economic despair as countries struggled to cope with the global economic instability. -
Hitler
Hitler rose to power shortly after the Treaty of Versailles, when Germany's economy had reached an all time low. Adolf Hitler’s rise to power and his policies of ethnocentrism, protectionism and autarky had a major impact on the world and economic globalization. This caused a great decrease in global trade and international economic cooperation, and also global peace. -
Bretton Woods
Bretton Woods was a landmark international agreement signed in 1944. The agreement established the IMF and the WB, and also created a system of fixed exchange rates for international currencies. The agreement was intended to promote international economic stability and facilitate global trade. It established a system of world wide cooperation. This led to a period of political stability and global political cooperation, which laid the foundations for a period of prosperity. -
IMF
The IMF is an international organization that works to promote global economic stability and facilitate international trade.It was established in 1945 as part of Bretton Woods. It promotes economic cooperation between countries and provides loans to countries in need. It has also played an important role in the development of global agreements, which have helped to promote peace around the world. -
GATT
The GATT was established in 1947 and created a system of free trade, which led to a decrease in economic barriers and an increase in global trade and made a new system of international law and dispute resolution. This had a lasting impact on the global economy, as it helped to reduce economic instability and to promote economic growth. -
WTO
The WTO is an international organization that works to promote global trade and investment. It regulates international trade and makes sure everything runs as smoothly and freely as possible. It has helped to reduce economic barriers and open up markets, making it easier for countries to trade with each other. This has created a significant rise in global trade, and has made it easier for countries to trade goods and services.