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The Russian Revolution happened in 1914 when Czar Nicholas II was the ruler. When World War 1 began, soldiers had bad weapons and poor leadership. After WWI, industrialization lagged and Russia was far behind Europe and North America. Workers struggled to survive. Fuel and food shortages were in common. In an economic perspective, workers finally started to stand up for themselves and asked for better wages and working conditions. Before this, the workers barely had enough money to survive. -
World War 1 was a war that erupted after the assassination of Archduke Franz Ferdinand of Austria. This war involved 50 countries which resulted in more than 15 million soldiers dead. World War 1 was the first time countries borrowed money from other people. Economically speaking, European countries were in debt and owed countries like the USA more than 5 billion US dollars. The production of manufactured goods had decreased significantly. By 1918, Canada had a war debt of about $76 million.
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The Treaty of Versailles was a peace document that was signed at the end of World War 1. This treaty caused Germany and other central Powers to take the blame for WW1. This resulted in a loss of territories, a reduction in military forces, and payments to the Allies. Due to the treaty, Germany was greatly affected economically as they owed other countries a total of 33 million dollars. Germany was bankrupt and this lead to the citizens getting a poor quality of life due to the shortage of goods. -
Joseph Stalin took power in 1929. He made the country a military and industrial giant and created the Soviet Union. Stalin set up production farms and industries and he forced hundreds and thousands of peasants to work in terrible conditions. Stalin's key focus for Russia was quick economic growth. His main goal was to transition the Soviet Union from a weak, poorly controlled agricultural state into an industrial powerhouse. Due to this, many workers were forced to work and made low income. -
During the 1920s, people started buying a lot of stuff and started to invest in the stock market. People started to borrow a lot of money in hopes to get rich quicker. By the end of the decade, stocks began to go down. Since people borrowed money from the bank, they lost homes and businesses to pay for the loan. The fewer people bought, the more jobs that were cut added to the problem. The Great Depression affected the world as none of the countries were able to pay back causing shortages.
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After The Great Depression and the Treaty of Versailles, life in Germany was hard. Hitler promised to fix the problems that were happening at the time. Hitler got elected in 1933 but then dissolved parliament and became a dictator. Once the Nazis were in power, they controlled everyday life. The Nazis convinced many Germans that they belonged to a master race. Hitler also took over Austria and Czechoslovakia which was a big mistake as that started WWII. This led to many economical problems. -
World War 2 started in 1939. Once Hitler tried to take over Poland, Britain and France declared war on Hitler starting WWII. More than 50 countries were involved, more than 60 million people died and many more were killed in German death camps. Unemployment decreased dramatically as men were sent to fight in the war. Women joined the workforce in huge numbers. From an economic perspective, WWII had a huge effect as people started to realize the importance of having women in the workforce.
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Representatives from 44 countries came together in July of 1944. Even though world war 2 wasn't over, they still came together to discuss how they could prevent the economic turmoil that could lead to another world war. At this conference, the World Bank and the International Monetary Fund were developed. From an economic perspective, people learned from their mistakes. The conference made sure that economical problems wouldn't lead to another world war. -
The International Monetary Fund was created during the Bretton Woods Conference which took place in July of 1944. The head of the IMF is nominated by the European Union. It is funded by member countries that pay a quota based on their wealth. Countries that give more money have more votes. Their original goals were to establish international economic stability and promote foreign trade. They wanted to do this because they wanted to increase their quality of life and have stability in life. -
The World Bank was created in 1944 at the Bretton Woods Conference. The World Bank is owned by the governments of its members, which provide its funds to countries that need bigger amounts of money. Some of the World Banks' original goals were to lend money to help war-torn countries to rebuild and to speed up economic progress and industrialization in countries. The World Bank gives money to countries that need a lot of help to improve the quality of life for the third-world coutnries. -
The General Agreement on Trades and Tariffs was signed in 1948. The agreement agreed to gradually get rid of tariffs and other trade boundaries between the nations. The World Trade Organization emerged from the GATT in 1995. The purpose of GATT was to regulate world trade. It boosted the global economy after WW11. The GATT helped reduce tariffs which was a big step in globalization as it improved the quality of life of many citizens. This reduced expenses for citizens. -
The World Trade Organization replaced the General Agreement on Trades and Tariffs on January 1st, 1995. The purpose of the WTO is to make sure that trade flows freely, smoothly, and predictably as possible. Its other purpose is to use trade as a means to raise living standards, create jobs and improve people's lives. WTO also researches the use of economic policy and how it affects trade. The WTO plays a huge role in globalization as it makes trading very efficient and effective.