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World War was a war fought by 2 sides, the axis and the allies, after Archduke Franz Ferdinand was assassinated. The Allies had originally used British money to fund themselves however other Ally powers soon pitched in. The Axis powers on the other hand had relied on German money. At the end of the war Ally powers had spent double that of the Axis powers and won the war. Due to the immense spending, European countries economy went down.
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As Russia went through the last of the Tzar rule, the commoners were treated like peasants and there were many economic issues. There were many people that were upset with the way that everything in Russia was breaking down.Because of the class distinctions, people were not getting the help that they need. Soon the communist movement started to disband the class system and create an equal society where everyone works for the benefit of the country -
Treaty of Versailles was signed at the end of World War 1 and formally ended the war. Once Germany lost the war, countries soon realized how much war damage there was. Though the British wanted to correct the Germans, the French and the rest of the allies wanted to punish them by making the Germans give up land territory, pay for war reparations, and reduce military. The Germans were poorly treated and had an economic downturn. -
After Lenin, the previous soviet union leader, had died, Joseph Stalin came to power after gaining support from other communists during his time as secretary. Stalin would be responsible for creating the Communist party of Soviet Union and over see the creation of the Gulag. He created a 5 year plan in hopes to expand the economy. His 5 year plan called for the introduction of agriculture and expansion of industries such as fuel extraction, energy production, and steel production.
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People were borrowing lots of money from the banks and spending more. As spending went down naturally, manufacturers produced more rather than slowing down to match demand. Stocks went down and it caused a panic since people were losing money. People had to reach out to banks for a loan to pay for everything. This resulted in job losses in the US. The US soon had to ask europeans that borrowed money from them to pay them back to bring their economy back, putting them in a depression as well.
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After the German loss in the first world war. Many Germans became angry at the loss especially since their economy was crippling. Hitler advocated for these opinions. His popularity grew in Germany once the great depression hit the already crippling economy of Germany. Many Germans supported Hitler and the Nazi party he built that shares their ideologies. He would alter become chancellor and many business and politicians would feed into his rule due to the public support for Hitler.
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World War 2 was a war between the Allies and the Axis. During this time the Axis was made up of rich countries like Germany and Japan. Their GDP was greater than European countries with the only nation that could compete being the United Kingdom. Because of this they were able to take over countries like France and Belgium. However once the USSR and the US got involved, they were able to turn the tides since they have a larger GDP than the Axis allowing for them to retake land and win the war.
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This was a conference that took place in 1944 between 44 nation in Bretton Woods, New Hampshire, after World War 2 to discuss international money system. This resulted in the creation of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development. -
The World Bank is known formally as the International Bank for Reconstruction and development. It was started in 1944 due the poor economic and physical state that countries in Europe and Japan were left in. It was created and designed to help countries out when they are in trouble and need financial assistance to bounce back and achieve sustainability. -
The International Monetary Fund was created in 1944 due to the aftermaths of the economic downturn in the great depression. Due to the gathering of the 44 countries in the Bretton Woods conference, they were able to establish a framework and guideline on economic cooperation between countries. It has now expanded to 190 countries. -
A treaty signed in 1947 with 23 countries in hopes of minimizing international trade borders by eliminating or reducing tariffs, quotas, and subsidies -
The WTO (World Trade Organization) was created to establish international trade rules between countries. It was used to strike down trade barriers that were created after the second world war. It is still used today to help set trade rules between countries and make it fair and accessible to all nations.