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World War I begins in Europe
The importance of WWI that impacted the economy were the 15 million soldiers and civillians that were killed, the cost of war was high, and many European governments owed United States more than $7 Billion. However, many European cities, towns, farms, roads, factories etc. were destroyed and it cost money to rebuild which didnt help their economy. Also, the production of manufactured goods dropped 25% since 1913. -
Period: to
World War I to World War II
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Revolution and civil war begin in Russia
The revolution and civil war in Russia was important in terms of economics Russia had slowly started to slack in industrialization behind the rest of western eurpore and northern America, and this lead to many workers struggling to survive. Russia had poor weaponry, and it was common tthat they also lacked food and fuel. In the first year of war, a mass amount of soldiers were killed, wounded or take prisoner. Many workers in Russia rebelled due to wages and harsh working conditions. -
Worlds War I ends
World War I was important in terms of economics because it cost CND government more than $2.5 million/day and income taxes temporarily introduced to help pay costs. During the war, many of the men that were gone, there was a high demand for workers so when the war ended many manufacturing companies companies stopped producing and the employment rose. However, the total debt of Canada was $164 million per year and $76 million for pension per year. -
Civil war ends in Russia
The end of the civil war in Russia was important as it affected the russian economy since it shut down when laborers and abandoned soldiers united with the rebellions. The people of Russia starved as food could not be shipped and transportation systems broke down. Lastly, Russia went through a drought and famine which killed 5 million people between 1920 and 1922. -
Great Depression begins
The Great Depression affected many countried economically as employment was low, people couldn't pay their bills, borrowed loans that could not be paid, and couldn't collect the money owed to them. People were laid of work and most companies closed for good. Countries would protect their own industies by putting tariffs on imported goods creatings trade barriers. -
-1941 Great Depression Ends in various Countries
In terms of economics, the end of The Great Depression was important because it was believed by many economics that government spending on the war sped up the recovery from the Great Depression. Unemployment reduced for some countries as well. Because of this, majority of countries have set up relief programs if in crisis. -
World War II begins in Europe
The importance of the beginning of WWII was that Germany was unable to make repayments for WWI. Atleast 50 countries were drawn to the war, however more than 60 million people died. WWI affected the economy in Canada as unemployment fell, increase in government spending, and manufactures of arms, airplanes and ships rose. Many countries suffered where the war was fought and it cause their economy to go down. -
World War II expands to Asia
This was important as it affected the Canadian economy when the Japanese forces bombed Pearl Harbor and captured Hong Kong. Many navy, nurses, airforce, civillians etc. were killed or injured during the bombing and the warfare equipment were destroyed which costs millions of dollars to replace, repair and retrain. There was also more expenses to expand war in Asia, send thousands of soldiers, equipement just to retaliate. -
Bretton Woods Conference
The impacts of the Bretton Woods Conference that affected the economy were 44 representatives of different countries, met for the conference to prevent the economic turmoil that could lead to another world war. As well, this conference created the IMF and world bank which helped many countries economically. -
World War II ends with the surrender of Germany and Japan
The importance of the end of WWII in economic terms is that less than 1% of Canadians were unemployed and the employment in Canada's manufacturing dropped drastically when the war ended as the their was no more demand for the materials.
