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WW1
Most of the European nations participated in World War I (1914–18), along with Russia, the United States, the Middle East, and other areas. The American business establishment was terrified when war broke out in Europe. The New York Stock Exchange saw its longest trading halt in history as a result of the collapse of the European markets, which lasted for more than three months. -
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Rise of Communism
Its objective is not to advance the common good but to help influential people increase their money and power by taking advantage of the underprivileged and dependent groups. Communism also meant that no one could be better than anybody else. This had an impact on the economy because there was no incentive to work harder or grow the nation because there was no competition. -
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Treaty of Versailles
The pact, which was signed at the end of World War One by Germany, the Allies, and other participating nations, called for Germany to make financial reparations, disarm, cede territory, and give up all of its colonial holdings abroad. Some effects on the economy included While the major European nations recovered, the United States took leadership of the world economy. Trade was severely constrained since Germany was unable to import or export industrial or military goods. -
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Stalin
Stalin industrialised the Union of Soviet Socialist Republics, forced its agriculture into collectivization, and solidified his authority by a campaign of widespread police brutality. Stalin abused his political position and used fear to accelerate industrialization in Russia by 25% EVERY YEAR. -
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The Great Depression
The 10-year Great Depression was the greatest economic slump in the history of the industrialised world. Bank failures, which sparked public fear, the demise of the money supply, and government actions were the key causes. The manufacture of goods fell by 36% during a ten-year period, and the creation of goods on a worldwide scale slowed down crazily. -
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Hitler
Hitler's racism, intolerance, and prejudice were the catalysts for the Holocaust's other victims, including the murder of 6 million Jews. Hitler implemented measures to boost the economy. Tariffs on imports, privatisation of state-run businesses, and Gandhi-inspired reforms were among the improvements (Self- Sufficiency). -
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WW2
The most catastrophic conflict in recorded history claimed millions of lives. The Allies and the Axis (Germany, Japan, and Italy) fought each other (Britain, France, and the Soviet Union etc.). It was inspired by Hitler's invasion of Poland in 1939. When the government sector stopped buying weapons and hiring soldiers after the war, the private economy grew rapidly. On paper, the measured GDP did decline after the war. When compared to 1944, it was 13% lower in 1947. -
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International Money Fund
The IMF is a 189 member organization that works to promote international monetary cooperation, ensure financial stability, ease trade between nations, encourage high employment and long-term economic growth, and lessen poverty worldwide. -
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World Bank
The World Bank, an international financial organisation with 189 member countries, provides grants and loans to the governments of low- and middle-income countries: By bringing the number of people globally who live in extreme poverty down to 3%, they want to reduce poverty. By increasing the earnings of the 40% of people who are the poorest in the world, they also want to foster shared prosperity. -
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Bretton Woods Conference
The Mount Washington Hotel served as the venue for the Bretton Woods Conference, which brought together 730 delegates from all 44 Allies. The conference's two main accomplishments were the founding of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) (The IBRD and IDA Make up the World Bank). -
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The General Agreement on Tariffs and Commerce
The General Agreement on Tariffs and Commerce (GATT) is an international treaty that was created with the aim of promoting trade between nations by lowering or removing trade restrictions like tariffs. Improves communication by providing incentives for nations to communicate more effectively with one another. Promotes international trade by reducing tariffs, which increased trade between nations. -
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World Trade Organization
Global commerce is governed and encouraged by an international organisation known as the World Trade Organization. Governments utilise the organisation to draught, update, and effectively cooperate within the United Nations System, enforce the laws that govern international commerce.