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.

The Concert of Europe's collapse contributed to World War I

The 19th-century great power system gradually unraveled due to rising nationalism, imperial rivalry, and shifting alliances—leading to its collapse in 1914 and the outbreak of the deadliest war the world had yet seen.

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

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 Great Depression is one of history's most notable periods of deflation

The stock market crash of 1929 helped trigger a period of deflation in the United States by creating a drastic decrease in the total money supply. Because of the United States' central role in the world economy, virtually every single country was impacted by the recession.

British economist John Maynard Keynes originally proposed a global currency called the bancor.

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.

The IMF was created to prevent the currency crises that destabilized the 1930s global economy

Founded in 1945, the IMF monitors exchange rates, promotes financial stability, and provides emergency funding to countries that cannot pay for their imports. It currently has 191 member countries and acts as a lender of last resort for struggling economies.

During the Cold War, the rules-based order was largely limited to the West

The Soviet Union and its allies operated outside the Bretton Woods institutions, meaning the postwar liberal order functioned as a regional rather than a truly global system. This changed with the USSR's collapse in 1991.

The world rapidly decolonized after World War II, with roughly a hundred new countries emerging between 1945 and 1989.

Decolonization isn't complete, as nearly 2 million people were living in UN-designated non-self-governing territories as of 2023.

The Smoot-Hawley Tariff Act—which was passed during the Great Depression with the goal of reviving domestic industry—is among the most famous pieces of economic legislation in US history.

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.

Five key causes of World War I

What caused World War I? The ready answer refers to the assassination of Archduke Franz Ferdinand. But there was more to it than that. This article, accompanied by a short explanatory video, outlines how mutual defense alliances, imperialism, militarism, and nationalism also had a heavy hand in the start of what some considered a "preventable war."

Proponents argue that abandoning the rules-based order risks a return to the chaos that led to 2 world wars

Brookings scholar Robert Kagan warns that if China and Russia gain regional dominance, the world could return to the unstable conditions of the late 19th century—the same chaos that led to two devastating world wars.

The story of the Wall Street Crash of 1929

The 1920s in the US "roared" with rapid economic growth after the conclusion of World War I. But in October 1929, the bubbly stock markets crashed dramatically, plunging the nation into the decadelong Great Depression.

Should the US have entered into World War I?

America entered World War I in 1917, but had remained neutral until that point. President Woodrow Wilson addressed Congress, further underlining the USA's neutrality. Eleven weeks later, he asked for a declaration of war. With attacks by German saboteurs on an American munitions depot, it seemed he had no choice. But did he? This article asks what might have happened if the US stayed out of WWI.

Critics argue that the World Bank, IMF, and WTO were designed to serve Western interests

Some analysts from developing nations argue that the Bretton Woods institutions were designed to reinforce Western economic dominance rather than to promote fair development for poorer countries. Supporters respond that these institutions have improved living standards worldwide.

The 1997 Asian financial crisis tested the limits of the rules-based order's financial architecture

When a currency crisis hit Thailand, Indonesia, and South Korea, the IMF allocated $118B in emergency loans. However, the attached conditions were widely criticized for worsening the economic downturn and increasing distrust of Western-led institutions across the Global South.

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

Illustrating the beginning and end of WWI through maps

In August of 1914, Germany invaded an ostensibly neutral Belgium, kick-starting World War I. The war became one of the deadliest conflicts in human history, decimating Europe and reshaping global politics for the next century. It also brought forward sweeping and terrifying new military technologies, a product of the Industrial Revolution. Explore 40 maps explaining the Great War in detail.

Was WWI really the first world war?

Was World War I the first true international conflict? This article thoroughly explores the meaning of the term world war. It also suggests a few previous conflicts, some of which involved battles in the Americas as well as Europe, that might have been more accurately described as a "world wars."

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.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions.

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.

How Stalin, Roosevelt, and Churchill shaped the postwar world

The Yalta Conference was a pivotal 1945 meeting between Allied leaders that helped shape the postwar global order and laid the groundwork for the founding of the United Nations.

The World Bank, IMF, and WTO all face calls for structural reform

Researchers argue that all three major institutions face legitimacy and effectiveness challenges, including outdated governance structures, unequal voting power, and difficulty adapting to a more multipolar world.

Some scholars consider the Bretton Woods system one of the best foreign policy decisions in US history

A survey of historians by the Council on Foreign Relations ranked the creation of the Bretton Woods system among the top 10 foreign policy decisions in US history, highlighting its role in establishing postwar stability, prosperity, and decades of economic growth.

How World War I ended in 2010

Germany made its final reparations-related payment for the Great War on Oct. 3, nearly 92 years after the country’s defeat by the Allies. What took Germany so long to pay for the war?

Governments have historically used counterfeiting for economic warfare

Inserting fake currency into an economy can help destabilize it. During the American Revolution, for instance, the British distributed counterfeit “Continental Dollars” in an effort to devalue the currency being used in the US at the time with the goal of undermining America’s growing financial credibility. The Nazis also ran an extensive counterfeiting scheme during WWII.

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.

World War I brought attention to US reliance on mineral imports

Domestic stockpiles were inadequate for the extended trade disruptions caused by the four-year war. In response, the US Geological Survey increased its geological mapping to help search for important metals alongside new oil fields for fuel.

European leaders pursued appeasement of Hitler in the 1930s, hoping to avoid war.

The US dollar became the world's reserve currency, backed by gold, after 44 nations gathered in Bretton Woods, New Hampshire, in 1944 with the intention of rebuilding the global economy.

How World War II affects your wallet today

The world's deadliest conflict also impacted social programs extensively, including ways that still affect your money today. World War II is responsible for the practice of employers withholding tax payments and sponsoring health insurance, as well as the norm of providing school lunches for the nation's schoolchildren. Watch this brief video to learn more.