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Rise of Communism
Communism was set to get rid of class distinctions. Everyone would work for the benefit of everyone. It directly led to Stalin's rise to power, which links to economic globalization because Stalin was against trade with other countries. -
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WWI
WWI was a result of many different factors, including militarism, alliances between different countries, imperialism, and nationalism. It cost billions of dollars and threw Germany into debt, cost the Canadian government $2.5 a day, and lowered manufactured goods production. It was positive for economic globalization, because it led to economic globalization. -
The Treaty of Versailles
The treaty was signed to make reparations for damages made in the war. It crippled Germany economically, forcing them to pay $33 billion in cash. This wouldn't have happened without economic globalization, because the various countries wouldn't have to rely on one another for reparations. -
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Joseph Stalin
Joseph Stalin was a politician who later became the leader of the Soviet Union from 1922, until his death in 1953. Stalin negatively effected economic globalization. His refusal to trade with other countries for the majority of his time in power weakened relationships with other nations. This went on for nearly fifty years. -
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The Great Depression
Consumer spending rose dramatically in the 1920s, because of the use of credit cards and irresponsible buying of stocks, the market declined steadily before crashing.It connects to economic globalization because countries all over the world were effected negatively. However, international trade was greatly reduced because protective tariffs were put on products to protect industries. -
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Hitler
Following the Treaty of Versailles, Hitler rose to power. He promised to fix the problems caused by the treaty, and since Germany was in a state of distress, it was easy for him to be elected. Again, without economic globalization, this wouldn't have happened. Other countries insistence on Germany paying for reparations led to Hitler's position of power. He then negatively effected various countries, weakening interdependence. -
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WWII
The Great Depression and Treaty of Versailles negatively effected Germany, making them desperate for money. Hitlert rose to power and invaded many countries, directly leading to the war. Without economic globalization, Germany wouldn't have been in so much debt. -
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World Bank
The World Bank was originally screated to lend money to war-torn countries, speed up economic progress, help countries develop natural resources, and to negotiate long-term loans. It is connected to economic globalization because it wouldn't exist without economic globalization. It is funded by various countries. -
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Bretton Woods Conference
Forty four representatives from different countries at the Mount Washington Hotel in Bretton Woods, USA to figure out how they could prevent economic turmoil that could lead to another world war, despite the fact that the current world war (WWII) wasn't over. The IMF and WB were developed, both of which effected economic globalization, leading to interdependence between counties. -
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International Monetary Fund
The IMF deals with different countries different currency and smaller loans, setting exchange rates and and promoting economic stability. It is connected to economic globalization because member countries all over the world pay to fund it. It aims to provide emergency short-term loans to countries in need, and without economic globalization, it wouldn't exist. -
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GATT
The General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, signed on October 30, 1947 in Geneva, Switzerland. Its overarching purpose was to promote global trade by reducing or completely eliminating barriers like tariffs or quotas. It was signed by 23 nations and remained in effect until January 1, 1995. It effected economic globalization positively, because it is economic globalization through interdependence between countries. -
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World Trade Organization
The WTO's purpose is to regulate trade in goods, services, and intellectual property between participating countries by establishing a framework for negotiating trade agreements. It literally wouldn't exist without economic globalization, because it is economic globalization. It's various countries relying on one another economically, and making eachother at least somewhat privvy to monetary details.