-
Period: to
World War 1
World War 1 is one of the begging impacting factors of economic globalization. Countries exporting billions of dollars worth of goods, leaving them significantly economically impacted. Many countries lost a significant amount of resources and money. More and more countries were exchanging goods with each other, creating new trading partners by the end of the war. -
Period: to
Russian Revolution (Rise of Communism)
With the rise of communism in Russia, common folk were forced to pay much higher taxes to the government to create a global power in the Soviet Union. Salaries were decreased for common folk while power in one individual was on the rise, dealing with citizens and other countries around the world. -
Treaty of Versailles
The Treaty of Versailles was one of the biggest impacting factors of economic globalization because it was signifying the end of World War 1. It had forced Germany to pay large sums to Europeans, give up land they owned and all possessions from overseas. -
Stalin
Stalin was a big believer in rapid industrialization. He wanted to make his economy one of the strongest with the unrealistic goal of a heavy industry. It was a policy he had for fuel extraction, production of steel and generation of energy. -
Period: to
The Great Depression
The Great Depression was a terrible timespan in the economy. It was a major economic downfall involving many countries where people had lower wages, companies had lower profits, stocks crashed, factories were shut down and much more. People were starving because of the economic crash around the world. -
Period: to
Hitler
Hitler was famously known for his genocide, but did many things while in his dictatorship of Germany. He attempted to privatize many industries, created import tariffs and create economic self sufficiency. -
Period: to
World War 2
Many consumer goods were scarce, including things like food and fuel. Hunger was an increasing problem, as well as housing as people were forced to abandon their homes on war grounds. Bombing and other warfare weaponry were needed in large quantity, all costing countries overwhelming amounts of money. -
Bretton Woods Conference
The Bretton Woods Conference worked to create economic order and cooperation between Countries. It would work to help countries from the impacts of the war and bounce back to a stable economy. -
World Bank
The World Bank was one product of the Bretton Woods Conference that worked to help developing countries. Many countries lend money to developing governments to help the state of their economy. -
International Monetary Fund (IMF)
The IMF is a group of countries loan money to low income members to help create stability in their economic state. Each member pays capital so they have money to loan when needed, and must be paid back. -
General Agreement on Tariffs and Trade (GATT)
GATT was an agreement to make trading between countries easier. This was accomplished by eliminating tariffs and trade barriers between trading partners. This helped the global economy by the mutual benefit from trading goods and resources with each other. -
World Trade Organization (WTO)
The World Trade Organization is an organization that help with the rules of trade around the globe. Their intention is to help all involved countries with rules, covering every aspect of trade to insure it runs smoothly. This helps economic globalization by swift, reliable trade between countries forming strong bonds and resources reaching new places.