From 1914 to 1945
continued from » Before 1914
During both wars, trading goods was not important anymore; instead nations invest more in military industry.
During World War One, in Africa (an important import country for many nations), there were slaughtering of the innocent while the developed nations had been fighting over space and colonies there. The slaughtering was, on the one hand, by colonial powers, on the other hand, among Africans.
During the interwar period, the Great Depression made people think of the end of capitalism. The Great Depression had, of course, great influence on the economy and on world trade in particular. As the result after such an event, world trade collapsed.
During and after World War Two, the process of de-colonization was taking place, because the big empires started to fall apart so that the US received more and more influence to grow stronger, in the end the US became the dominant power.
It was also the US as the largest capitalist economy that survived both world wars unscathed, and led the world to neo-capitalism which pushed the market. To take a look on the other part of the world, Russia was defeated in World War One, so, in 1917 there was the Bolshevik revolution which led to renewed industrialization – it was the time for Lenin and Fordism. Stalinist dictatorship (1928-1955) forced collectivization and rapid industrialization. Russia or to be precise the USSR became a gigantic power in and after World War Two.