Welcome back to Global Business environment. This is module two. This would be part two, and we are asking is globalization new. Last time we were talking about World War I, and it's impact on globalization and the current era of globalization that the world is experiencing. As we think about World War I as any war, there's great destruction, there's human loss, and it's very tragic. War is, is a horrible thing for the world to experience, and on the scale the, of a global war, that's just magnified many times over. This war ended up with political boundaries in Europe being redrawn. And many historians and, and economists look back at that period and have noted that Hitler rose to power really because of some of the agreements and realigning of political boundaries that occurred. Germany was blamed for this war. And was made to pay reparations or to repay some of the cost of the war, and those reparations that they paid back led to a horrible period of inflation and economic turmoil in Germany. You can see here a picture of a woman attempting to buy a loaf of bread at the market in Germany in the 1920s or 1930s, and you can see that she has a whole basket full of money. And that is not because you know the country is, is doing well, but on the contrary, is because the inflation is so great that from hour to hour, you may see increases that will effect how much a loaf of bread or another type of food or anything else might cost. And the inflation is so great that the value of money is rapidly decreasing, and you'll see other images of people carrying cash in wheelbarrows to pay for simple goods and services. So the economic crisis that Germany experienced, and then the whole world experienced as the Great Depression grew really led to the conditions being set for someone like Hitler to rise to power. He promised to return Germany to a great position in the world. And found ways to blame parts of society for the economic consequences that paying those reparations had caused. People were very upset, and they were very willing to accept a leader who who was able to promise them that he could get them out of this economic crisis. And as we can see World War II came out of the Great Depression. The Great Depression was a a horrible period of human tragedy because of the suffering across the world. And in some ways, the Great Depression was made worse by political decisions made by people in power across the world. The connection between World War I, great, The Great Depression in World War II is that World War I led to the rise of Hitler. Policies that led to economic crises in Germany and other parts of Europe led to a boom in other parts of the world, the Roaring 20s, which then led to overconfidence and ensuing great depression. The Great Depression in the 1930s was not only a period of horrible human tragedy and suffering, but also a period of many lessons on what not to do and what to do in times of economic crisis. One thing that the world did that historians and economists have looked up and said we shouldn't repeat, is many countries in the world experiencing economic crisis, looked inward. And instead of seeking to interact with others across boundaries increased policies and implemented policies that closed borders. For example, tariffs were increased in the United States which made the Great Depression worse and cut the United States off from the rest of the world. And this was repeated in many other countries across the world in the Great Depression. And so when the time came for a World War II when World War II started the world was actually in a period of somewhat, what we would call isolationism. For example, the United States did not quickly get involved in World War II because people were focused inwardly on their own economic troubles, on their own depression in the United States. And so there is a link between World War I, the Depression, and World War II, and we'll continue to examine World War II and what happened after World War II and how it's connected to our current global era, in part three of this module two, of this course Global Business Environment. Thank you.
