The failures of the interwar period made the case for a new international system

The Great Depression was an international depression felt far beyond the US

Many countries suffered through a depression in the 1930s that the First World War, the US stock market crash, and an economic downturn in Germany turned into an international crisis.

How failures at Versailles Conference led to more racial inequality

Suffering a pandemic and the aftermath of a war that killed 50 million, the world in 1920 faced a turning point as it negotiated a new political order. As today, the key issue was racial inequality.

How the Great Depression and end of WWI paved the way for Hitler’s rise to power

The end of WWI was triggered by an armistice that blamed the conflict on Germany and required the financially struggling country to pay reparations. This outraged nationalists and ignited conspiracies that Hitler was able to capitalize on, according to this six-minute video. It was during this financial strain that the Great Depression hit.

World War I causes

World War I was, as the name says, truly war on the global scale. Fought between the French, Russian, British, Austria-Hungary, Ottoman, and Russian Empires, it was in part, a battle for territory. And after the war ended, several of these empires collapsed. Explore the different causes of World War II in this article.

The Bretton Woods conference in 1944 created the foundations of the modern global economy

In July 1944, 44 nations gathered in Bretton Woods, New Hampshire, to create a new postwar economic order. The conference led to the creation of the IMF and the International Bank for Reconstruction and Development—now known as the World Bank.

The treaty that ended the First World War laid the groundwork for the Second

On June 28, 1919, the Treaty of Versailles officially ended World War I by demanding severe reparations, territorial losses, military restrictions, and the infamous “war guilt clause” against Germany. However, its harsh terms fostered deep resentment, economic instability, and political turmoil—ultimately becoming a catalyst for World War II.

Wartime conferences exposed cracks in the US–Soviet alliance

At the Tehran, Yalta and Potsdam Conferences, Allied leaders coordinated WWII strategy—but deep disagreements over postwar Europe foreshadowed the Cold War. The USSR’s push for influence in Eastern Europe clashed with US and British calls for self-determination.

Some experts argue that Russia was never effectively integrated into the rules-based order after 1991

This piece argues that Russia's difficult relationship with the IMF and World Bank in the 1990s—characterized by economic shocks and perceived Western condescension—helped shape Moscow's later hostility toward the liberal order.

The General Agreement on Tariffs and Trade and its successor, the WTO, was formed to reduce trade barriers between nations

Data from the WTO shows that this effort was successful, resulting in a quadrupling of global trade in goods and a reduction of tariff rates of member states by 44%. This indicates that the post-World War II international efforts to create a more liberal trade environment have been successful.

The world rapidly decolonized after World War II

After WWII, weakened European powers faced mounting resistance from colonized peoples. Between 1945 and 1980, dozens of nations across Africa, Asia, and the Middle East gained independence.

The 20th-century rise of fascism affected the World Cup

Spain, in the midst of a civil war, did not participate, and Japan, after invading China, pulled out of the competition. An additional six Central and North American teams scratched by the time that year's World Cup began.

US inflation can generally be split into to two periods—before and after the Federal Reserve

A central bank itself does not mean significant inflation will occur, but economists generally point to factors like two world wars and the printing of money to finance the US federal deficit as primary drivers of price increases.

John Mearsheimer argued that the liberal international order was bound to fail

University of Chicago political scientist John Mearsheimer argued in his influential essay Bound to Fail that expanding liberal democracy and open markets into other great powers' spheres inevitably leads to conflict, and that the liberal order contains the roots of its own collapse.

The widespread violence of World War I birthed surrealism

Following World War I, artists used unconventional forms of expression to make sense of the death and destruction they'd witnessed for years. Life as they knew it had ended, and movements like Surrealism, founded by André Breton, rebelled against tradition.

The League of Nations was the predecessor to the UN—and the US never joined

The League of Nations—established in 1920 after World War I—was the first global organization aimed at maintaining world peace. Although US President Woodrow Wilson championed its creation, the United States never joined.

A boom hit after WWI, with consumerism usurping frugality as an American value

When American soldiers returned home after WWI in the 1920s, they found a country ready to spend money, make a home, and indulge in creature comforts after wartime rationing. This uptick in US wealth and production led to job opportunities for advertising experts.

Arguments for returning to a gold standard reappear from time to time

However, critics argue that globalization has made the gold standard impractical for modern economies, as it limits a nation’s ability to have a flexible monetary policy—hence, none of today's governments have a gold standard.

The Social Security System was created to protect Americans from economic disasters like the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression.

The Concert of Europe was an earlier attempt to manage great power relations through shared rules

After the Napoleonic wars, European powers established a system of regular consultation to manage conflicts and maintain the balance of power. It offered relative stability for nearly a century before deteriorating.

In the 1930s, Congress nearly passed a constitutional amendment requiring a national vote before declaring war

The Ludlow Amendment, proposed amid rising isolationism after World War I, would have required a national referendum before Congress could declare war, except in cases of direct attack. It was defeated 209 to 188 in 1938 after Roosevelt lobbied against it.

The Partitions of Poland led to the erasure of the Polish-Lithuanian Commonwealth

Political instability and foreign interference weakened the Commonwealth, which was eventually divided between Prussia, Austria, and Russia. Poland would not be re-established until after World War I and decades of imperial oppression.

The WTO's dispute settlement system has been effectively paralyzed

The US has blocked appointments to the WTO's appellate body since 2017, arguing that the panel has overstepped its mandate. Without a functioning appeals court, the WTO can no longer enforce rulings or settle disputes.

Iran-Iraq war drained over $1T from the combined economies of Iran and Iraq

Across eight years (1980-88), Iran and Iraq each lost about $500 B in GDP, infrastructure destruction, military expenses, disrupted oil exports, and mounting debt—totaling over $1 T in economic damage.

Recessions are considered to be inevitable by modern economic standards

Recessions are caused by imbalances in the market and are guaranteed to happen in capitalist systems, but predicting them is a complex task.

US intelligence failures contributed to the success of the Japanese attack

Despite breaking Japan’s diplomatic codes, US agencies failed to integrate warnings, successfully track Japan’s carriers, or even believe a Hawaii strike was possible (they also had not cracked Japan’s naval codes). Missed signals, ignored reports and poor coordination led to one of the worst intelligence failures in US history.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

In 1945, Surrealist artist Salvador Dalí and legendary animator Walt Disney began collaborating on a short film that was not completed until 2003, years after both men had died.

Volcanic activity may have triggered the Black Death by spewing gases that led to crop failures in Europe, thus forcing the import of grain ships with plague-infested fleas.

The Russia-Ukraine conflict is the largest ground war in Europe since World War II in casualties, forces mobilized, and displacement of civilians.

American dance legend Martha Graham, sometimes called 'the Picasso of dance,' refused to perform at the 1936 Olympics in Berlin and conceived the piece 'Chronicle' in response to the experience.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

The history of many kitchen appliances involves unexpected discoveries and applications, including wartime radar turned hamster defroster and replacing an 'ice king' with heat-stealing boxes.

Frank Lloyd Wright's houses are historically hard to sell because they're old, subject to local landmark commissions, and often unfashionable

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Chaos theory—informally known as the butterfly effect—is the reason why weather forecasts are presented with probabilities rather than certainties.

Hookworm infection, though risky, may help fight certain autoimmune conditions by tamping down the immune system's inflammatory response.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Famed poet TS Eliot rejected the manuscript for George Orwell's political fable 'Animal Farm,' writing that its criticism of authoritarianism was not 'the right point of view.'

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution

Fireworks make a loud booming sound after exploding due to air expanding faster than the speed of sound.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

Sunflowers have long been a symbol of nuclear disarmament because they can extract large amounts of radioactive cesium from soil.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

To reduce wrinkles in clothing, research recommends gentle wash cycles with more water and tumble drying with smaller loads and longer times.