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A conflict which arose from the bubbling of tension from the central powers of Europe. A major event that erupted this war was the assasination of Fanz Ferdinand. It made colonies realize that they could rebel against colonizers. Some major powers then teamed up to quiet this down. but this lead to war. This affected economic globalization through things like the Treaty of Versailles. This put Germany in $33 billion of debt to the Allied. The war also started international loans and tariffs.
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The Treaty of Versailles was a peace agreement that was signed in 1919, signifying the end of WW1. It was signed by the Allied Nations and Germany to make peace and end a period of war. This treaty affected the economy of the world because it put Germany in $33 billion of debt. Not only this but colonies had to be given up by them as well as other territories. -
After the Russian Revolution and the Czar had been killed, civil war and famine led to more than 5 million deaths. However, in 1922, a new, single party emerged and took the role of ruling the land. They made the USSR and started the first communist state. The USSR embraced communism as a way to bring Russia back from the state the Czars had left them in. They wanted to turn Russia into a military and industrial giant. This affected the entire world as a new economic system was introduced. -
Joseph Stalin was a man who ruled the USSR. He is known because of his ruthless means to make his country an industrial and military giant. He set up schedules for production in farms and factories which were difficult to keep up with. Another thing he did was export most of the agriculture. This would lead to famine through the USSR. He affected global economics as he made it industrialized which made Russia a superpower after WW2. Overall, he greatly improved the economy, but at a great cost.
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The Great Depression was cause because of people in USA all took out loans to invest in the stock market. Most of these people then sold their stocks as drops began, resulting in crash of the stock market. America was hit hard so they had to call back the loans they had given to other countries. However, those countries couldn't pay which put almost all countries in tremendous debt. Companies laid off many workers which led to global unemployment, affecting economic globalization terribly.
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Hitler was the Chancelor of Germany in 1933, but quickly after, he became a dictator. He wanted to take over all surrounding land in Europe for power over the population. He convinced Germany that it was a superior race and need to take over the surrounding land. This led to WW2. Hitlers actions affected the world economically by decreasing unemployment and also sending entire nations into famine . However, because of his actions, now nations are more connected than ever (WTO, IMF, etc.).
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WW2 was a war which again involved the central powers of Europe. The start of this war was because of Adolf Hitler, a man who was elected Chancelor of Germany in 1933, by promising to fix the affects of WW1. This started a war between the "Axis Forces" and the "Allied Forces". This affected economic globalization as, during the war, unemployment dropped drastically and women were introduced to workforces. After WW2, international trade was more interconnected due to things like IBF and the WB.
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A organization meant to make international trade as free as possible by setting regulations and rules, which are backed up by the United Nations. It advocates for foreign trade and international economic stability. It has greatly affected economic gloablizxation as it has helped all nations become mroe interconnected through trade.
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Representatives from 44 countries (Allied Countries) came together to find out what measures could be taken to prevent another world war by solving economic problems. The World Bank and the IMF were made to lend money to countries war-ridden and help them by speeding up industrialization and negotiating loans. It mostly promoted international trade and tried to remove barriers. Nowadays, these goals have been modified to face current problems.
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A bank which was made towards the end of WW2 which was meant to help countries develop and rebuild after WW2. It is funded by all countries in the GATT. The purpose of it has been modified over the years as needs change. Now it is used to reduce poverty in countries and to fund projects which better the living of the people. THis affects economic globalization as it made the worlds finanaces more interconnected and allowed capitalist countries to build ties.
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A tariffs and trade agreements that was signed in 1947 to help open trading back up to the world after WW2. This was signed by most capitalist countries. It affected economic globalization greatly as it interconnected the world by opening trade back up in a period of turmoil and conflict between nations. This was done by removing barriers like tariffs and quotas.
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The WTO is an organization that emerged from GATT which regulates trade in service like telecommunications and sets rules internationally. This was made to make econmics moves smoother all over the world. They make rules to make sure global economis do not lead to more conflicts.