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WWI
WWI was the first world war to occur. Britain, France, and Russia fought against, Germany and Austria-Hungary. They fought because of imperialism. It affected the economy because all of the countries used lots of money for the war and fell into debt. There was a loss of money and resources all over the world due to the war. This also created income tax for the first time in Canada. -
Rise of Communism/Russian Revolution
The Russian Revolution started because there were economic hardships, food shortages, and a bad leader. This effected the economic globalization because they turned into a communist country which opposes the views of capitalism which it was. It put a pause to economy and trade all over the world in general. The Russian Revolution influenced other countries to follow in their lead making other countries communist as well which ruins the global economy because everything is sourced from the area. -
Beginning of the Great Depression
This was the year credit cards were introduced. People began heavily investing in the stock market. This means the overall confidence in the economy increased, making more and more people spend their money. Unemployment rates sky-rocketed all over the world and countries' production rates dropped. One by one countries started to abandon the gold standard. -
USSR Created
The USSR was made up of 15 countries and the leader was a communist. This affected the economy because it changed where they got their resources, and they put more money into the military and into the production industry. This led the countries they used to trade with to lose money as they stopped trading with them because they made products themselves. This affected the countries they had regularly traded with before. -
Stalin
Stalin elected himself as leader after he killed the next in line, he was now the dictator of Russia and was in control. He made the 5-year plan where each year they would increase production by 25% each year. This led to Russia to where it is now as it increased their economy but ruined the people. Stalin changed who the country traded with altering the worlds trade patterns and made geopolitical tensions higher. -
Crash of the Great Depression
The crash was when everyone took all their money out of the banks and investors put lots of money into the banks and couldn't take it out, making money useless. If people lose their money, they are unable to spend any money. Everyone was experiencing this. There was a recession in many countries. International trade crashed as there was no demand for goods. There was global unemployment and economic hardship in many areas of the world. -
Holodomor
After land was given to the Ukrainians as they have the best land for agriculture, Stalin came and took the land from them making them poor and have absolutely nothing. This led to the starving of 5 million people, mostly Ukrainians. This affected the economy because this made Stalin's government money and not the people as the government owned the farms and agriculture. This reduced exports and trade with other countries as agriculture was paused. This affected the global agriculture market. -
Nuremberg Laws
The Nuremberg Laws were antisemitic laws. The laws were the Reich Law, Law for the Protection of German Blood and German Honor. Jews couldn't have German citizenship as they weren't "true" Germans. The other didn't allow for interracial marriages with Germans as they couldn't ruin their pureblood. Nazi supporters stopped going to Jewish owned businesses and led to disruption in the economy. Whatever happened in Germany at this point, slowly trickled to other economies, disrupting all economy. -
WWII
WWII was the deadliest war in history. More than 30 countries were involved. This led to the creation of many organizations. It happened because of unresolved issues from WWI. It helped the global economy through massive amounts of spending on military and industrial growth. Most countries had spent too much money and they had fallen into debt. Lots of the debt was owed to the US, which led to their rise in power. -
End of the Great Depression
The End of the Great Depression ended because of WWII. Production manufacturing started to increase and made millions of jobs for many people. There was a massive increase in spending for WWII that ended the Great Depression. Consumers everywhere started to consume more and more. Economies globally started to gradually stabilize and grow, global trade resumed, and unemployment decreased due to the war. -
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Bretton Wood Conference
The Bretton Woods Conference was when 44 countries gathered to discuss the international monetary system. This meeting led to the creation of the International Monetary Fund (IMF). Currencies stabilized and they provided help to those countries in need. This also stabilized many countries' economies as it aided them. -
WWII Ends
WWII ended when the allies defeating the axis powers of Germany, Italy, and Japan. After WWII, with the help of the US, Europe began to rebuild as Germany was split in 2 and Japan occupied by the US. The economy all over the world was weakened. America became an economic power, establishing the dollar as the reserve currency and projecting its military across Western Europe and Asia to stop the spread of communism and to prevent the enemies from fighting war again. -
Stalins Death
It is said that Stalin has passed away from a stroke, but years later it is said that it may have been poison, yet we are still unsure. The Soviet Union's economic policy shifted as they implemented some changes away from communism. For a short time after his death there was reduction intention between the US and Russia. This thaw in the Cold War changed trade patterns, trade alliances, and military buildup. Eastern Bloc countries underwent de-Stalinization under Soviet leader Khrushchev. -
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USSR Becomes Russia
This was the fall of the Soviet Union, it was dissolved. This ended the Cold War. After the fall of the Soviet Union, there were massive economic changes as they began to take place across the former USSR and Bloc countries as government owned businesses were sold for pennies on the dollar, private ownership of land was allowed, and free elections began to happen. They opened up trade, and businesses, and investment, and the profit motive created wealth for millions of formerly oppressed people.