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WWI
WWI was a series of battles that began in 1914 when countries across Europe, particularly Germany and Austria-Hungary, began a war with each other. This effected the economy since the countries that were at war had to pay for food and other goods that they needed. The United States was involved in the war since 1917 with the US entering on the side of the Allied powers. WWI ended in 1918. -
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Rise of Communism
The Russian Revolution (or Bolshevik Revolution) of 1917 was a violent overthrow of the rule of the ruling Russian monarchy. The revolution established the Union of Soviet Socialist Republics, which took over government in Russia and its annexed territories. The Soviet Union is a monarchy-based autocratic socialist state ruled by the Communist Party under a one-party system. The economy was effected by rapid industrialization, collectivization of agriculture, centralisation and planning. -
Treaty of Versailles
The Treaty of Versailles was an extremely lopsided peace treaty drafted by the Allies in 1919 to conclude WWI. It required Germany to pay huge reparations and demilitarize, or give up its military. The Treaty of Versailles ended the First World War with Germany and set the ground rules for peace. The economic results were that the country suffered under reparations payments, which placed a heavy burden on its economy. -
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Stalin
Joseph Stalin was a dictator who ruled the Soviet Union. The economy of the Soviet Union was in rapid growth during his rule, but suffered during his years in power, as well as after his death. Industries grew rapidly and agriculture improved, but the Stalinist government's policies caused millions of deaths to occur, including deaths through famine. Stalin's rule ended with his death and a period of de-Stalinization was initiated by Nikita Khrushchev in the later 1950s. -
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The Great Depression
The period from 1929 to 1939, in which The Great Depression occurred, is one of the most bleak and terrifying phases of American History. This period of time is considered to be one long nightmare that lasted almost 15 years. During this time, unemployment grew at an alarming rate, people became homeless, bread lines became common and businesses were forced to close their doors permanently. Times were so hard during this period that many people lost hope for a better future. -
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Hitler
Adolf Hitler was the leader of Germany from 1932 to 1945. As head of state, he was also considered the Führer of Nazi Germany. Hitler was a key figure in the rise of fascism and one of the most destructive dictators in history. The economy suffered under his rule due to massive hyperinflation, which damaged consumer spending and led to economic depression. -
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WWII
The second World War began with Nazi Germany's invasion of Poland on September 1st, 1939. German economy was in terrible shape after WWII. numerous factories and farms had been destroyed, and an enormous amount of war reparations had to be paid by Germany. Germany was forced to either drastically reduce industrialization or face total economic collapse. -
Bretton Woods Conference
The Bretton Woods Conference was an international conference. It was the culmination of earlier conferences on monetary problems held in Europe, more specifically in Switzerland and South-Kensington. The main objective of the conference was to regulate trade and capital movements. The economy was improving after the war, but some leaders of the United States feared that foreign countries could take advantage of them by devaluating their currencies and gaining an instant trade advantage. -
International Monetary Fund (IMF)
The International Monetary Fund (IMF) is an organization that was created to help countries by providing them with loans and financial assistance, to help develop their economies. The IMF was created by the United Nations Monetary and Financial Conference in 1944. -
World Bank (WB)
The International Bank for Reconstruction and Development was established in Bretton Woods, New Hampshire, in 1944. It is an international organization controlled by the United States government which provides loans and aid to developing countries. The economy expanded significantly after WWII, with the Bank providing loans so that new infrastructure could be built. -
General Agreement on Trades and Tariffs (GATT)
The World Trade Organization (WTO) was created in 1995 at the conclusion of the Uruguay Round of trade talks. Its goal is to promote fair trading practices and to help developing countries that might not be able to develop their economies without the assistance of the WTO, which administers the General Agreement on Tariffs and Trades (GATT). The WTO now includes all of the world's countries. The economy performed very well during the 1960s, with GDP growing at an annual rate of 6.8%. -
World Trade Organization (WTO)
The World Trade Organization (WTO) was created in 1995 at the conclusion of the Uruguay Round of trade talks. Its goal is to promote fair trading practices and to help developing countries that might not be able to develop their economies without the assistance of the WTO.