-
-Disruption of Global Trade
WWI stopped lots of International trade
-Shifts in Economic Power
world powers like Britain had economic and financial strains, but on the other hand, because the USA entered the war later, they became a world power.
-Decline in global economic interdependence
there were lots of tariffs and trade barriers between international trade.
-Financial Instability
Lots of countries borrowed heavily for the war which resulted in lots of national debt. -
-Reparations and Economic Burden
Fined Germany ALOT because they were the primary cause of the war
-Loss of Territories and Resources
Germany lost lots of land and in doing so also resources
-Trade Barriers
In an attempt to protect the economic interest of the winning side, lots of Tariffs and trade barriers were put on Germany
-Political Instability
Because of the Treaty of Versailles and the war, there was lots of political instability in the country, this could have also led to extremism -
-communism is the direct opposite of the principles of economic globalization, which centred around free markets, private ownership, and global trade.
-Limited Integration with Global Markets
The soviet union tried to limit there trade with other capitalist nations -
-Command Economy
Stalin implemented a command economy system, which had state control over all aspects of the economy.
-Industrialization
Stalin pursued rapid industrialization, using specific policies he wanted to turn the country into an industrial power and increase agricultural productivity
-Limited Engagement with Global Markets
Stalin's policies revolved around the idea of self-sufficiency and prioritized domestic production
-Gulags -
-Self-Sufficiency
Hitler and the Nazi Party advocated for economic self-sufficiency
-Economic Policies
Hitler's policy objectives included territorial expansion and the acquisition of resources
-Forced Labor
as Hitler took over land, He exploited their resources and subjected populations to forced labour
- Started WWII -
-Disruption of Global Trade
countries focused on transporting their resources to the war
-Shifting Economic Power
decline in European colonies and the rise of the USA and Soviet Union
-Rise of State Intervention
lots of countries started to try to control and direct the economy
-Technological Advancements and Industrialization
the war accelerated technological advancements and industrialization
-Decolonization
WWII fueled movements for decolonization as colonial powers weakened during the war -
-Development Financing
Loans money to countries
-Technical Assistance
advises countries on different policies and gives guidance
-Poverty Reduction
reducing poverty by giving loans which intern keep the country in debt
-Environmental Sustainability -
-Creation of IMF
-Fixed exchange rate
-Promotion of Trade
The conference emphasized the importance of trade, and reducing barriers to international trade.
- GATT
-WTO
-Need for international cooperation and stability to prevent future economic crises -
-The IMF conducts surveillance of member countries, monitoring their economic policies and providing advice.
-Financial Assistance
-Global Financial Stability
The IMF plays a crucial role in keeping global financial stability -
-Tariff Reductions
to increase trade
-Non-Discrimination and Most-Favored-Nation Principle
-Trading System
rule-based system on trade
- transforming into the WTO -
(very similar things to the GATT)
- Reducing trade barriers
-Rules-Based Trading System
-Technical Assistance
helping guide countries and helping develop less-developed countries
-Global Trade Monitoring