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The First World War was an event that occurred from the year 1914 to the year 1918. It was a deadly war fought between two coalitions, the Allies and the Central Powers. It happened throughout Europe, the Middle East, Africa, the Pacific, and Parts of Asia. It put several countries into debt because of war expenses and borrowing money. It also opened up new markets for American Manufacturers, which helped the USA to solidify its power in the world economy.
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The Treaty of Versailles was a Treaty signed by Germany and the victorious Allies after the end of WW1. It was signed at the Palace of Versailles in Paris, and it held Germany responsible for causing the events of World War 1 and imposed harsh penalties on the country, including loss of territory, massive reparations payments, and demilitarization. The German economy took a big hit, as reparations strained it and hyperinflation sky rocketed in Germany. -
After the Russian Revolution had ended and the Czar was killed, Russia went into an era of famine and Civil War that caused the deaths of millions. However, in 1922, a new party emerged and created the USSR, adopting the idea of communism in order to restore Russia to its former glory. They aimed to make Russia a military and industrial giant. This changed the entire world as a new economic system had been introduced. -
Joseph Stalin was a political figure that ruled the USSR from 1923-1953. He was a ruthless tyrant that did not care about the well-being or conditions of the workers in the USSR but rather cared about establishing the country as an industrial and military powerhouse. In terms of economics, he greatly pushed industrialization in the manufacturing industry and made Russia a global superpower after WW2. -
The Great Depression was caused by a mass of people taking out loans to buy stocks at the same time. These people then started selling stocks as drops happened, leading the market to crash. The US was hit so hard that they had to call back loans from other countries, but those countries could not pay off the loans which lead them to be in tremendous debt. Companies laid off many workers, causing unemployment globally. -
Hitler has originally the German Chancellor, but later became a dictator in the country who led from 1933-1945. He wanted to take more land around Germany to expand its power. He influenced Germany into thinking it was a superior race and needed to take over the land around it. This led to world war 2. His actions led to decreased unemployment and impacted entire nations economically. However, because of his actions, now nations are more connected than ever (WTO, IMF, etc.). -
World War 2 was a global conflict caused by Nazi Germany when they took over Poland in 1939. The War lasted till 1945 and ended when the Japanese surrendered to the Allies after the US dropped atomic bombs on them. This event affected economic globalization drastically, as during the war, the unemployment rate dropped massively, and women were introduced to workforces. After the War, global trade was more interconnected due to things such as IBF and the WB.
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The International Monetary Fund is an organization with the goal of making global trade as free as possible using a set of rules and regulations backed by the UN. It advocates international economic stability and foreign trade. It has helped countries become more interconnected through trade. -
The Bretton Woods Conference was a meeting held at Bretton Woods, New Hampshire during WW2 in which many state representatives attended from all over the globe including the UK, the US, and the Soviet Union. The meeting was focused on reaching financial agreements for the post-world world after Japan and Germany would surrender. It drew up projects such as the IBRD and the IMF, which have had many economic impacts since their creations. -
The World Bank is an international financial organization that helps fund projects in developing countries. It was drawn up at the Bretton Woods conference in 1944. It provides loans and grants to developing countries, which helps increase the economic stability and fertility of the countries. -
GATT covers the international trade of goods. Representative of all countries in the WTO. It deals with trade agreements between countries and helps globalization by increasing interconnectedness between countries. -
The WTO is an organization for trade opening, negotiating trade agreements, settling trade disputes, and basically everything that has to do with international trade. It is a place where member governments come to deal with trade. It helps the world of trade become more interconnected between nations and increases economic globalization this way.