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At the Paris Peace Conference, the idea of a League of Nations was approved, an idea proposed by Woodrow Wilson. Wilson created the 14 Points of Peace, which were adopted by the League of Nations. They drafted The Covenant of the League of Nations, which 44 states signed to.
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The French march through Ruhr, but the League of Nations said that France would have to pull out. The LON eventually dropped the subject because Frane threatened to pull out of the LON if they took action. The LON were forced to take no action.
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The LON had a goal of creating a world with less weapons. Some countries, including Japan, withdew from the LON because of this and didn't want the judgements of others to be put on them.
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At the beginning of WWII, the LON was near collapse. War after war weakened the power of the LON, and their last important act was expelling the USSR from the council because of their attack on finland.
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Known as the Dumbarton Oaks conference, ideas of a new organization to keep peace were being spread around. The League of Nations was weak because of WWII, but there were people that were determined to keep peace.
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The UN officailly exists, with the establishment of the Security Council, consisting of five permenant members: France, China, Soviet Union, United States and United Kingdom. Later on, 46 more countries joined the council. The first general assembly took place the following January.
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The IMF originally had 45 members. The IMF was established to aid European countries in their rebuilding process after the war.
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The League of Nations has lost most power, and the devastation of WWII proved that they did not have much power. The League eventually became the UN, which still exists today. The 'Palace of Peace,' pictured left, was given to the UN, along with assets and archives.
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France was the first to borrow money from the IMF.
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The General Agreement of Trariffs and Trade (GATT) was established. The GATT was established to regulate world trade. According to them, the purpose of the GATT is the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."
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the GATT begins to have trade talks all over the world.
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The UN gives permission to the US and other countries to aid South Korea in the Korean War. Resolution 82 is one that regards North Koreas invasion into South Korea.
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SDR's hold a claim to a currency that the IMF may have. This could include the USD, Euro, British Pound, JPY.
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The United States says that it will no longer buy or sell gold to settle international transactions. Features of the Bretton Woods system cease to exist, and gold prices increase.
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UN affliated group, the World Health Organization (WHO), eraticated small pox. In December 1979, the WHO made a resolution stating that small pox was gone. Rahima Banu (pictured left) was one of the last people naturally infected
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The IMF imposed a SAP in Yugoslovia, which caused a lot of problems. The dinar was devalued and inflation took the country into a more tense and chaotic state
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UN affiliated forces were sent to Somalia to aid citizens, but because of breaches in protocol, the mission was a faliure. War-lords obtained the supplies intended for citizens, and many soldiers lost their lives.
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The General Agreements of Terrifs and Trade (GATT) was changed to the WTO.
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The inagural ministerial conference takes place in Singapore. There were disagreements between developed economies and developing economies, thus this was called Singapore issues.
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After 15 years of negotiations, the PRC finally joins the WTO
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Borrowers currently owe the IMF $278billion. Borrowers are not able to repay the IMF, making situations worse.
