Economic Globalization Timeline

By Eseohe
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    Politics, secret alliances, imperialism, and nationalistic pride were among the true causes of World War I.The war proved the income tax's enormous revenue-generating power. Rates were raised to previously unthinkable levels prior to the conflict. It caused enormous losses because conflicting countries allocated all of their money to the war. Hunger, the destruction of physical and nonphysical means and a lack of labor supply as a result of many men going to the battlefield.
  • the rise of communism

    the rise of communism
    It refers to an economic & political theory that advocated the abolition of private property and the common sharing of resources among a group of people.Communism harmed the economy because people were unwilling to work hard because they were paid the same. They would make poor quality products while still being paid, and as a result, no one would buy your products. The country will not profit from the sale of the products. You would be unable to do things for your country if you had less money.
  • Treaty of Versailles

    Treaty of Versailles
    The Treaty of Versailles is a law that blamed Germany for starting the war and imposed harsh punishments on the Germans, including territorial loss, massive reparations payments, and demilitarization. It affected the econonmy in these ways: Germany had to pay to repair the damages the war caused.Vital industrial territory because of the treaty, making any attempt at recovery nearly impossible. Trade was severely limited because Germany could not import or export industrial or military good.
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    After the war, he set a reign of terror,including purges,executions,exiles to labour camps and persecution,subduing all friction.Stalin affected the economy by taking those who objected to labor camps. People were pushed off the land. Starvation claimed the lives of 10 million people. Production fell, and famine struck. People were killed in Kazakhstan and Ukraine. He led the Soviet Union into the nuclear age. Collectivization had an impact on the economy.
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    Great Depression

    It began after the October 1929 stock market crash, which sent Wall Street into a panic and wiped-out millions of investors. Consumer spending and investment fell over the next several years, resulting in sharp drops in industrial output and employment because companies laid off workers. It impacted the economy because it caused an economic recession, which led to a loss of confidence in the public. This was a difficult time for everyone, and in these times, you can only push your luck so far.
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    Adolf Hitler, the leader of Germany's Nazi Party used economic woes, popular discontent and political infighting to seize power in Germany. He also attempted to exterminate all Jews by removing them from society and incarcerating them in concentration camps.
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    Germany, Italy, and Japan were defeated in the war between them and the United Kingdom, France, the Soviet Union, the United States, China, and other allies. Because of labor shortages, many of those employed were children. Due to World War II, the federal income tax was made to help pay for war debt.There was an agricultural overflow at the time, and small farms struggled to keep up with larger farms. As the manufacturing industry expanded, the economy shifted from agriculture to manufacturing.
  • World Bank

    World Bank
    an international banking organization formed to control the distribution of economic aid among member countries and to make loans to them during financial crises. The World Bank Group assists countries in improving their access to global markets and participation in the global trading system. Trade is a growth engine that creates better jobs, reduces poverty, and expands economic opportunity.
  • Bretton Woods conference

    Bretton Woods conference
    They met in1944, with representatives from 44 countries. Delegate was attempting to determine how they could avoid the economic turmoil that could lead to another world war. The agreement has been criticized for being too rigid, not having enough power to control inflation, favoring developed countries over developing countries. Economists have argued that the agreement led to the eventual collapse of the Bretton Woods system.
  • IMF

    The International Monetary Fund (IMF) is a global organization that promotes global economic growth and financial stability, as well as international trade and poverty reduction. The IMF helps member countries facing an economic crisis by offering loans, technical assistance, and surveillance of economic policies. Money to fund the IMF’s activities comes from member countries that pay a quota based on the size of each country’s economy and its importance in world trade and finance.
  • Gatt

    The General Agreement on Tariffs and Trade (GATT), signed in 1947 by 23 countries, is a treaty that eliminates or reduces trade barriers such as quotas, tariffs, and subsidies. It was designed to help the economy recover after World War II.