People began to use farming less and factory work more. Many of these factories were using coal or steam power. This was one of the first causes to global pollution.
After World War 1
The War ended in 1918, but most countries were still struggling with economic instability. Since the pound was inflated, Britain decided to resort back to using gold.
In an effort to modernize agriculture, reformers began a movement called the Grange Movement. They eventually went bankrupt but gained over 1.5 million members.
After the stock prices in the US fell, the market crashed globally on Black Tuesday. This then caused the Great Depression, which resulted in personal income, tax revenue, profits and prices, international trade to plunge more than 50%.
World War 2, Fall of Gold
Gold standard that was intended to keep government spending and inflation in check, It then became clear that the gold standard significantly restricts the possibilities for policy making.
Bretton Woods, established to create rules regarding financial and commercial relations between the US, Canada, Western Europe, Australia, and Japan. Each nation had to tie their own currency, thus maintaining a stable rate.
began in the 1970's, was a period of mass unemployment (plus inflation).
Fall of Bretton Woods
End of Bretton Woods was formally ratified by the Jamaica Accords. By the early 80's all industrialized nations were using floating currencies.
Reagan and Thatcher
Reaganomics, along with Thatcherism attempts to promote low inflation, the small state, and free markets through tight control of money supply, privatization and constraints on the labour movement. Both formed a key part of the worldwide economic movement.
Bad mortgages, inaccurate credit ratings, and fraudulent banking practices fueled a housing bubble and a vast of bad debt, which came to collapse in 2008. This was the greatest economic downturn since 2008.