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One of the deadliest global conflicts in history as it arose from tensions between central powers in Europe. In June 1914, a Bosnian man assassinated Franz Ferdinand which led to Austria-Hungary declaring war. Some colonies teamed up to quiet the war down but this still led to war. This affected economic globalization as many countries went into debt such as Germany through the process of the Treaty of Versailles, which led them to be $33 billion in debt.
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The Treaty of Versailles was an agreement between Germany and allied Nations to put an end to WW1. This affected economic globalization as Germany was $33 billion in debt. Their economy went down, lost territory, and had to give up on their colonies overseas.
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After the Russian Revolution and when the Czar was killed, Transportation systems were broken down and food could not be shipped and causing nearly 5 million people to starve to death. In 1922, a new one-party emerged and took the role of ruling the land. This one party made the USSR, a communist state. The USSR embraced communism as a way to bring Russia back after how the Czars left them. They made Russia a military giant. Affected the entire world as a new economic system was introduced.
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Joseph Stalin was a man who ruled the Communist state of the USSR. He forced citizens to work in farms and factories for production reasons. He made the USSR military giants and industrial. This impacted economic globalization because Stalin was the first to create a communist country, he got the USSR's economy high due to industrialization and collectivization of agriculture.
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During the 1920s, consumer spending drastically increased as people began to invest in the stock market. This led to many consumers taking a large sum of money from the bank hoping to get rich fast. The stock market began to go down which worried investors to sell their stocks. This impacted economic globalization as the people who borrowed money from the bank had no money to pay them back which led to their houses and businesses being lost, which also led to global unemployment.
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Hitler was the Chancellor of Germany in 1933 but some time later, he became the dictator who ruled Germany. His main goal was to colonize the lands in Europe to gain more power over the population. Once he colonized Poland, it led to WW2, causing trauma all around the world. Hitler's actions impacted the world economically as many people around the globe faced unemployment and famine around the world. He also helped the globe as nations are more connected (WTO, IMF, WB, etc...)
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The Great Depression and the Treaty of Versailles were really hard for Germany. Once the Nazis gained power, they controlled the everyday life of citizens, telling the Germans that they belong to the master race. They started to take over and invade many countries but when it came to Poland, Britain and France declared war. This was the deadliest conflict in the world as it impacted economic globalization by spending loads of money on weapons and It impacted many people as unemployment dropped
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Representatives from 44 allied countries came together to find out ideas to prevent another world war from happening again. During this process, the World Bank and IMF were created. These impacted economic globalization as they helped countries speed up industrialization and lent money to countries that were engaged in the war. Nowadays, these goals have been much more advanced and modified in trying to fix the current economical problems in the world.
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The IMF was created to help countries get back on stable financial terms after WW2 and to govern international trade and finance. The IMF wanted to establish international economic stability and promote foreign/international trade. It consists of 190 countries internationally trading goods and services to reduce poverty around the globe. This impacted economic globalization as the world became economically interconnected with countries being able to balance their finances in financial crises.
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A bank that was made towards the end of WW2. This bank was meant to help countries develop and rebuild after the war. It is funded by all countries in GATT. The purpose of this bank has had many updates and needs to be changed again. Now, the bank is used to reduce poverty in countries and to fund projects to make people's lifestyles better. This affects economic globalization as it made finances with the world more interconnected and allowed countries in GATT to build stronger ties
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A Trade and Tariffs agreement signed by most capitalist countries opened trade back up between countries after WW2. Its main goal was to eliminate trade barriers such as Tariffs and quotas. This impacted economic globalization greatly because trade opened back up meaning that countries were even more economically interconnected with each other.
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World Trade Organization (also known as WTO), is an intergovernmental that facilitates international trade. This is the largest economic organization, with 164 member states that represent over 98% of all global trade and global GDP. This impacts economic globalization as the world becomes more economically interconnected with trading goods and services. The WTO aims to eliminate tariffs and other restrictions helping trade to be easier, making sure that global economies do not lead to conflicts