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The first world war and one of the most brutal wars. This war included most of the world, mainly European countries. The brutality of this war included the use of poison gas, the massacre of civilians, torture, and other extreme war crimes.
Connection: The mass manufacturing of products, increase in jobs, and utilization of a booming technology industry are all effects of WW1 on the economy. However, after the war, many countries were left broke or in deep debt, and at an extreme loss of lives. -
The Treaty of Versailles was a peace agreement that happened following the end of WW1. With many allied countries involved in WW1 participating, Germany was dealt 33 Billion USD to repay the allied countries for WW1. Evidently, Germany was not present at the meeting. Connection: When a country is given an impossibly large amount of debt to repay, it most likely won't repay it legitimately. Germany, in this specific situation, decided to print more money which only devalued their own currency.
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With the rise of communism or the creation of the Soviet Union, a new way of thinking was globally introduced. Connection: The USSR's economy drastically changed because communism requires resources to be shared, although many people were exploited through slave-like labour.
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With the overstock and oversupply of markets after the war, the Great Depression was inevitable. Soon came the loss of jobs, mass unemployment, and a massive stock market crash. Connection: With the oversupply of markets, and the sudden stop in war, prices dropped and stocks plummeted, leaving many citizens without food and money.
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Stalin was an incredibly important political figure who led the USSR through many years of communism with his deep hatred for almost everyone, and torturous ways of getting what he wants. Connection: He crippled his own country's economy and rapidly expanded and industrialized the USSR of which Russia became 2nd in global manufacturing after his reign.
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With the rise of communist idealism, Hitler rose to power and dictated Germany until the end of WW2. Connection: Hitler restarted and rebuilt Germany's economy, but also started WW2. This meant the mass devastation and genocide of Jewish people and another world war that ended in another economic gap.
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With the rise of Hitler and despite the reluctance to start another war, WW2 begins in 1939. Connection: Although no one was economically ready, war struck between broke nations. This war resulted in millions of new jobs and the introduction of women into the workforce. By the end, the Bretton Woods Conference was held.
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The World Bank was established during the Bretton Woods Conference. Its goal was to provide long-term financial aid, whether that be advice or long-term loans. Connection: With the support of over 180 member countries, the WB helps war-torn countries economically recover, helps speed up economic progress, and promotes economic stability by reducing poverty and increasing economic growth.
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During the Bretton Woods Conference, the International Monetary Fund was created to help countries financially through advice and short-term loans. Connection: The establishment of the IMF helps intertwine the entire world through economic systems. They also govern and help countries recover from economic turmoil.
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During the end of WW2, the Bretton Woods Conference took place. This was to establish economic order and global cooperation. Connection: From this conference, the World Bank and International Money Fund were established to prevent the economic failure of a nation which could've lead to another world war.
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The General Agreement on Trades and Tariffs is an agreement between nations to gradually lower and remove tariffs and trade barriers between countries. Connection: By removing tariffs and other trade barriers, countries are more likely to trade internationally without economic bias(?).
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Stemming from GATT, the World Trade Organization was created. It's an organization that helps prevent and remove trade barriers between countries. Connection: The WTO connects to economic globalization through governing or "policing" trade and trade barriers between countries. More economic opportunities will then open up for other countries. Through trade rules that stabilize the international economy.
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