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Pre 1914 Economy Analysis

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June 1914, no one knows the tragic death of or a successful assassination attempt has triggered the first World war. However, that one bullet is not enough to start the war. The increase in nationalism, imperialism, and militarism may play important factor of the war. Unfortunately, the Great war is not the only Global War that has happened in history. Countries' ambition toward global power continues as dramatic progression in technology and military weapon leads to World War 2. Despite the death of 60 million, countries' economy collapse, and destruction houses and buildings, the legacy that the World Wars left behind is everlasting. The byproduct of these two wars is massive, in political a new global map and some of the most powerful and …show more content…

Trade had risen from world production between 1800 and 1913 and "Europe's major currencies were fixed in value in relation to each other under the international gold standard" ("Europe before 1914"). This provides an insight of the pre-1914 economy, from 1800 to 1914, there is an increase in trade, investment, which lead to rising power of Europe countries. This is the true beginning of globalization because many more Countries in the East are influenced by the Western Industrial revolution, therefore labors are largely in demand by the factories. For example, hundreds of thousands of foreign laborers traveled to Europe and worked in the heavy industries like the French Lorraine and Germany's Ruhr. This is important because Europe took advantage of these foreign labor by paying them low wages as well as taxing them higher. Therefore, an increase in profit was huge causing European to progress in Technology and military weapons. The economy in 1914 was a great set-up for a potential for globalization especially in European, however, it was all destroyed in …show more content…

"The Russian Empire fell apart in 1917. Its division into several smaller nations was arranged at the treaties of St. Germin and Trianon" (Ross, 56). Connect back to before, British originally allies with Russian before 1914. However, Russia empire fell apart during the Great war and this definitely changed the world map as the newly independent state emerged. Also, the continuation of the alliance did not stop. In the beginning of World war 2, Germany, Japan, and Italy formed an alliance and Britain, US, and the Soviet Union were allies. This was a set-up into World war 2 as well. However, these alliances also did not last after the war ended. During the World wars, some of the most powerful empire like the Russia collapsed to due to bankrupt and changed in the alliance was

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