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World War 1
Essentially, World War 1 was fought over imperialism. It was fought between 2 main sides. Allies (Serbia, Russia, France, Britain, Italy and US) against Germany, Austria-Hungary, Bulgaria and the Ottoman Empire who were the Central Powers. It's legacy of debt, protectionisms and crippling reparations are both how it affected the global economy as well as leading into the Great Depression. -
Treaty of Versailles
The treaty pushed Germany pushed Germany to the point where they started WWII, as well as some other factors. It is known as one of the most controversial armistice treaties in history. It is also partially credited for causing the Great Depression. This caused a sort of crash in Germany's economy forcing them to pay a large sum of 33 billion dollars in damages etc. -
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Stalin
He was a Georgian revolutionary as well as a Soviet political leader who led the Soviet Union from 1924 to his death in 1953. Even though his actions were ethically wrong, they helped Russia build a strong modern economy, through policies, which also helped them maintain themselves through multiple wars. -
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The Great Depression
The Great Depression is known for being the worst economic downturn in the history of the industrialized world, according to History Channel. The one thing that started this was the stock market crash of 1929, in which anyone who was anyone lost of their invested money which was most of their money. Some of the economic impacts in the US alone were real GDP falling 29%, unemployment reaching 25%, consumer prices fell 25% and wholesale prices plummeted 32%. -
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Adolf Hitler
Adolf Hitler is most known for the man that started WWII. His anti-Semitic views regarding the Jewish, homosexuals or any other people or group that he deemed unworthy of life paired with the effects of the Treaty of Versailles pushed him to the point where he started WWII, committing war crimes and mass genocides such as the Holocausts. One of the many economic effects of Hitler's action was a GDP drop of over 13% in regions all around the globe. -
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World War 2
WWII was primarily fought because of Adolf Hitler's anti-semitic view and how he viewed collective identities such as the Jewish, homosexuals, etc. This war included widely known horrific events such as the Holocaust and many more. It only ended when Adolf Hitler killed himself. It had both positive and negative impacts on the economy. First, it brought full employment and fairer destitution of income, and on the other hand GDP's dropped up to 13% before the war. -
International Monetary Fund
The International Monetary Fund's mission is to promote global economic growth and financial stability, encourage international trade and reduce poverty around the globe. As well as, they also handle the world's currency. This is also what it has achieved. The IMF has been and will continue to promote economic growth, it continues to reduce poverty around the globe, while also promoting relations between countries through trade. -
World Bank
According to their official website, World Bank Group is a unique global partnership fighting poverty worldwide through sustainable solutions. They also deal with long term loans. The purpose, developing countries and reducing poverty while increasing shared prosperity. These are the economic effects of the World Bank as well, they have made great progress on their mission and continue to do so. -
Bretton Woods Conference
The purpose of the Bretton Woods Conference was to agree to a system of economic order and international cooperation that would help countries recover from the devastation of World War 1 and foster long term global growth. The two major things that happened or were formed as a result of this which helped maintain the economy were the International Monetary Fund and the World Bank, both of which helped maintain and boost the economy from the time of their creation. -
General Agreement on Trades and Tariffs (GATT)
At its core, GATT is a treaty minimizing barriers to international trade by eliminating or reducing quotas, tariffs and subsidies. The main goal, and the one that was achieved through this treaty was to boost the world economies and to expedite their recovery after World War 2. -
World Trade Organization
WTO is the only international organization dealing with the global rules of trades. It ensures trade flows as smoothly and predictably and freely as possible. The result is reduced costs of production, reduced prices of finished goods and services, more choice and it all leads to a lower cost of living.