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Soviet Russia covers 1917-1922 and Soviet Union covers years 1922-1991. The rise of communism began after Tsar Nicholas II lost power during the February Revolution. Inspired by the Russian Revolution, the Communist Party of China was formed. They aimed to make everyone equal so there was no competition. Stalin set up production farms and industries and hundreds of thousands of peasants were forced to work. It had a negative economic effect because it limited trade with other countries.
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WWI ended up putting Britain, France Russia against Australia, Germany and Italy. This took place from 1914-1918 and over 15 million soldiers were killed.The main causes of WWI include: Militarism, Alliances, Imperialism, and Nationalism. WWI had a negative effect on economic globalization. This is because many towns, cities,farms, roads, factories, ships, and railways were destroyed. Which lead to a decrease in economic activity and trade. It lead to the Great Depression, and cost $32 billion.
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The treaty of Versailles was signed, and resulted in a many problems for Germany. Germany had to pay reparation payments for war damages in Britain, France, Russia and other countries. This was very bad in terms of Economic Globalization because this cost Germany a total of 33 million dollars. Therefore, sending them into debt. Germany began to print more paper money, which caused it to become almost worthless. Germany also lost 16% of its coal and 48% of its iron industry.
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who: A Soviet dictator who killed nearly 33 million people. He believed in Collectivization and Communism.
economic globalization: negative effect, he stopped economic globalization as communism stops trade. -
The Great Depression is known as one of the worst economic downturns in history. It began after a crash in the stock market, and lead to many detrimental problems. It negatively affected the economy because it caused severe unemployment, acute deflation and a decrease in industrialization. Many people lost their homes and businesses to pay back their loans. All of these loses, lead to a decrease in economic activity and affluence.
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Hitler was appointed chancellor of Germany in 1933 and rules as a dictator until his death in 1945. Hitler rose to power as the leader of the Nazi Party, and orchestrated WWII and the Holocaust. Although he caused many horrible events, he did benefit the economy. The use of oil, iron and steel tripled, and created a variety of jobs. He also passed the Unemployment Relief Act which also aimed to reduce unemployment. These jobs, helped generate money, and boost the economy.
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WWII lead to very negative consequences, but was good for economic globalization. It created 17 million new civilian jobs, industrial productivity increased by 96 percent, and corporate profit after taxes doubled. WWII occurred after Hitler was put into power. Once the Nazis were put into power they controlled many aspects of life. They invaded Poland, Britain, and France declared war on Hitler. Between 10/26 million were killed in German death camps.
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The Bretton Woods conference was composed of representatives from 44 countries. This took place in July 1944, and created the World Bank and the Monetary Fund. It had a positive effect on economic globalization, because it ensured exchange rate stability, prevented competitive devaluations, and promoted economic growth.
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The World Band is an international financial institution that provides loans and grants to governments of low/middle-income countries.The purpose of this is to pursue capital projects. It is positive for the economy because it reduces poverty of its poorer members, which results in more economic movement and growth.
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The International Monetary Fund was formed 1945, and is still relevant today. This greatly benefited economic globalization in many ways. It helped to promote economic growth and financial stability, encouraged international trade, and reduced poverty. IMF is composed of over 190 countries ,and they all work together to foster global monetary cooperation and create high employment. Which is why the International Monetary Fund had such a positive impact on the economy.
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GATT was signed October 30, 1947 by 23 countries, and went into effect on January 1, 1948. The General Agreement on Trades and Tariffs, was a legal agreement minimizing barriers to international trade. It minimized barriers by reducing quotas, tariffs, and subsides while preserving significant regulations. This positively affected economic globalization because it lead to the creation of the World Trade Organization and made international trade much easier.
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The World Trade Organization was established January 1, 1995 and is still around today. The WTO regulates international trade and services between nations. Such as telecommunications and banking.This had a positive effect on economic globalization because it promoted trade, and ensured that trade flows as smoothly , predictably and freely as possible.This generated more money flow, and economic prosperity. Overall, benefiting the global economy.
