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World War 1 was a global conflict that lasted from 1914 to 1918. Despite the war's destruction and new policies countries adopted to help their war efforts, international trade and investment decreased significantly after the war. During this time of economic decline, the United States became a large economic power, which had a significant impact on the global economy.
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Russian Revolution was a major event in 1917 when Vladimir Lenin's communist government overthrew the ruling government and led Russia into a new age. It established a planned economy and nationalized many industries. As a result of the revolution's isolation from the global economy, international trade and investment decreased significantly, which had a major effect on economic globalization.
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A peace treaty was signed between Germany and the Allied powers in 1919 after World War I. This peace treaty was called the Treaty of Versailles. Economic globalization was affected by several factors, including Germany's heavy reparations, which slowed international trade and burdened the German economy. As the treaty prohibited Germany from trading with other countries, it also disrupted economic globalization by creating new trade barriers.
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Communism's rise refers to the spread of the communist ideology, which advocates for a classless society that owns and controls the means of production as a whole. The spread of communism had a significant effect on economic globalization, since communist governments generally promoted self-sufficiency and limited foreign trade. The result was the formation of two competing economic systems: capitalism and communism, each with a different approach to trade and economic development.
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In the mid-20s and until his death in 1953, Joseph Stalin was the leader of the Soviet Union. As Stalin prioritized self-sufficiency over trade with other countries, his policies had a significant impact on economic globalization. As a result of this isolation, international trade and investment declined in the country. Collectivization also led to famine and the destruction of many small businesses and private properties as a result of Stalin's policies.
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The Great Depression was an economic downturn lasting for about a decade, starting in 1929 and continuing until 1933. It began in the United States and quickly spread to many other countries around the world. Due to decreased consumer demand and increased trade barriers, the Great Depression significantly impacted economic globalization.
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Nazi Germany was led by Adolf Hitler from 1933 until 1945. By pursuing a policy of autarky, which aimed to make Germany economically self-sufficient and less dependent on international trade, he had a significant impact on economic globalization.
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World War II was a global war that lasted from 1939 to 1945. Several countries around the world were involved and it had a profound effect on global economic globalization. In response to the war, countries shifted their resources to military production and away from consumer goods and services, resulting in a significant decline in international trade and investment.
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Allied nations met at Bretton Woods, New Hampshire, USA, in 1944 to establish a new global financial system. Economic globalization was significantly impacted by the Bretton Woods Conference, which established a framework for international economic relations.
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As part of the Bretton Woods Conference, the International Monetary Fund (IMF) was established in 1944. Providing financial assistance and technical assistance to countries experiencing economic difficulties, the IMF has had a significant impact on economic globalization.
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In 1947, many countries signed the General Agreement on Tariffs and Trade (GATT) to reduce tariffs and other trade barriers and promote international trade. This initiative aimed to make global trade more open and competitive. As a result of G.A.T.T, more international trade and investment occurred, promoting economic globalization.
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Founded in 1995, the World Trade Organization (W.T.O) promotes free trade and reduces trade barriers between countries. 164 countries are members of the World Trade Organization, which replaced the General Agreement on Tariffs and Trade (G.A.T.T). Due to its role in promoting free trade and reducing trade barriers between countries, the W.T.O has had a significant impact on economic globalization.