-
Period: to
Rise of Communism
what: Communism is a system where class distinctions don't exist. People would work for everyone, which leads to Stalin's rise in power.
economic globalization: negative, world trade doesn't exist in communism -
Period: to
WWI
what: A global war started in Europe cause by different factors including militarism, alliances between countries, imperialism, and nationalism. It put Britain, France, and Russia against Germany and Austria Hungary and around 15 million soldiers were killed.
economic globalization: positive, Germany had to pay for war reparations which increases world connections.
economic globalization: Positive, led to economic globalization, more people in workforce and war goods were distributed. -
Treaty of Versailles
what: A peace treaty to end WWI that pushed all blame onto Germany. They had reparation payments (payment for war damage in other countries) which totaled to around $33 billion and they had to give up all colonies, crippling their economy.
economic globalization: positive, had countries relying on other countries for money -
Period: to
Stalin
who: Soviet dictator who industrialized Russia. He killed nearly 33 million people and believed in collectivization and communism.
economic globalization: negative effect, world trade does not exist in communism. -
Period: to
The Great Depression
what: A time period where due to the use of credit cards and the unwise use of stocks lead to a steady market decline before totally crashing.
economic globalization: Negative, world trade went down drastically and tariffs were put on products to product industries. -
Period: to
Hitler
who: German dictator who rose to power during desperate times in Germany, he promised to fix all problems caused by the Treaty of Versailles. Started WWII
economic globalization: positive: Hitler increased trade with lots of countries, was also good for Germany economically. negative, killed many people and weakened interdependence between countries. Other countries pressuring Germany to pay for reparations caused Hitler's position of power. -
Period: to
WWII
what: Global war started by Germany invading Poland because of Hitler, The Great Depression and Treaty of Versailles caused this because Germany had no other choice, unless they wanted their economy to cripple. Around 70 million people died.
economic globalization: positive, employed many people in factories to make war items which would increase trade. Without economic globalization WWII would not have happened because they wouldn't owe anyone money. -
Bretton Woods Conference
what: A meeting of delegates from 44 nations that had to decide on new rules for the post WWII international monetary system.
economic globalization: Positive: created IMF and World Bank, promoted economic stability by making exchange rates. -
Period: to
World Bank
what: Originally created to loan money to war torn countries, speed up economic progress, help countries develop natural resources, and negotiate long term loans.
economic globalization: Positive: funded by many countries increasing interdependence, speeds up economic progress. -
Period: to
International Monetary Fund
what: The IMF deals with countries' different currency and smaller loans. They set exchange rates and promote economic stability.
economic globalization: positive, members need to pay to fund it, increasing interdependence. -
Period: to
General Agreements on Tariffs and Trade
what: Legal agreement between different countries, to promote global trade by reducing barriers such as tariffs or quotas. Was signed by 23 nations.
economic globalization: Positive, increases interdependence between countries and promoting global trade. -
Period: to
World Trade Organization
what: Legal agreement between different countries, to promote global trade by reducing barriers such as tariffs or quotas. WTO was formerly the GATT, now has many more members than GATT.
economic globalization: positive, has countries depending on each other and regulates trade which promotes the global economy