-
Period: to
WW1
The first world war and the first modern class war. This was the end of many empires and greatly opened up the world to many different cultures and ideologies. Many countries that were involved in the world also took on massive amounts of debt to pay off the cost of the war. -
Period: to
Russian Revolution
The Russian Revolution was a historical event where the general population of Russia revolted against the Tsars and the Russian monarchy. After the removal of the Tsars, the Russian people installed a socialist government system. This introduced the world to Russian goods and services and connected Russia to the rest of Europe and the world. -
Treaty of versides
Germany got in a lot of trouble after the war. Most countries condemned Germany for the war and put severe restrictions in place. This crippled the German economy and caused severe inflation and economic depression. The Germans became desperate from this economic downfall and elected Adolf Hitler who promised to free them from this depression. -
USSR created
Vladamir Lenin created the first communist State. This was the beginning of the rise of communism. The creation of the USSR was the start of a major economic movement in Europe that greatly contrasted the Capitalist societies in the West. The USSR also greatly increased its trade and services output increasing the economic power of the country. -
Period: to
Great depresion
The great depression was the result of WW1 and the creation of credit cards. The economic recession impacted most of the world. The mass debts held by many European countries also came into effect during this time causing mass inflations and loss of value of many goods and services. -
Period: to
Stalin
He was a paranoid person who would eliminate any who he felt were against him or someone who opposed him. He tried to create a communist utopia in the USSR. He killed millions of people to attempt this goal on purpose and by accident. He caused a lot of negative stereotypes about Communism and Socialism. He turned the USSR into an economic and military super power. -
Hitler Elected
Hitler Becomes the Supreme leader of Germany. He was elected after promising to fix the German economic crisis that was created by the Treaty of Verside. He made Germany self-reliant and created a massive military. He later started the Second world war by invading neighbouring countries with the massive military he had created. Even after the defeat of Germany at the end of the War, the German economy has become of the strongest economies in the world even with their reparation payments. -
Period: to
WW2
Nazi Germany Starts the Second World War under the influence of Adolf Hitler. This was the end of many monarchies and brought an end to the age of colonization. Many modern countries came out of this conflict with many modern economies also being formed at this time. The world opened up globally at this point and many countries started working together to make sure another global war does not occur. They also started forming global economic systems. -
WB/IMF
The WB (World Bank) was established to support the global economy by lending money to countries in times of hardship and to establish economic policies in different countries. They also worked to promote global trade and investments. The IMP (International Monetary Fund) was created to foster trade from all corners of the earth. Their main job is to promote financial stability around the world. The formation of these 2 organizations led to the world gaining order with international trade. -
Period: to
Bretton Woods
The Bretton Woods Conference established the World Bank and International Monetary Fund. This conference led to a lot of rules that modern-day economies follow and run on. More information is located in the WB/IMF textbox. -
GATT
GATT (General Agreement on Tariffs and Trade) was formed to manage global Tariffs and trade agreements. This allowed for fewer tariffs to be placed on countries and more control over trade. This also allowed more consequences for countries that committed acts that are negatively views (Russia's invasion of Ukraine for instance) -
WTO
WTO (World Trade Organization) was formed to regulate International trade. It was the successor to GATT and manages many of the same things just with more modern rules put in place. They manage trade and tariffs around the world to this day brining the global economy under control. This allows for the world to function on a ever-growing scale.
You are not authorized to access this page.