World War II : The Great Depression Of The 1930s

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Introduction In the twentieth century, the world had witnessed two world wars. After the First World War, the Central Powers of Germany, Austria-Hungary, and the Ottoman Empire were defeated by the Allied Powers of Great Britain, France, and the United States. Great Britain and France forced Germany to pay for war reparations; however, Germany was also under war destruction and economic crisis. In order to keep up with the war reparation payments, Germany borrowed money from the United States. France and Great Britain received the reparation payments to pay their loans from the United States; thus, the cycle eventually led to serious global economic crisis, known as the Great Depression of the 1930s. This economic and political legacies led to dictatorship regimes in Germany and Italy and eventually retaliation against the Allied Powers, a major cause of World War II. Learning the mistakes from World War I, the Allied Powers established the International Monetary Fund or IMF; yet, the International Monetary Fund has more failures than its successes.
Origin and Structure of the International Monetary Fund In July 1944, delegates from forty-four countries met in Bretton Woods, New Hampshire for a conference. The meeting established the Bretton Woods System, a series of financial international organizations, such as the World Bank and the International Monetary Fund. In 1945, twenty-nine countries signed the Articles of Agreements, which gave birth to the IMF. The

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