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World War I:
- Blockades and Embargoes: Both the Allied Powers (led by Britain, France, and Russia) and the Central Powers (led by Germany and Austria-Hungary) imposed blockades on each other's ports, aiming to cut off vital trade routes and weaken their adversaries' economies.
- Sinking of Merchant Ships: The unrestricted use of submarine warfare by Germany led to the sinking of numerous merchant vessels carrying goods across the Atlantic, further disrupting trade. The sinking of the British passenger ship Lusitania in 1915, which resulted in the death of over 1,000 civilians, was a notable incident.
- Trade Restrictions: Governments on both sides imposed various trade restrictions, including import and export controls, to manage their resources and prioritize essential goods for the war effort.
World War II:
- Total War and Economic Mobilization: Both the Allies (led by the United States, Britain, and the Soviet Union) and the Axis Powers (led by Germany, Italy, and Japan) engaged in total war, which required the mobilization of all resources, including trade, for the war effort.
- Lend-Lease Act: The United States provided significant aid to its Allies through the Lend-Lease Act, offering war materials, equipment, and supplies on a loan or lease basis. This support played a crucial role in sustaining the Allied war effort.
- Battle of the Atlantic: The Battle of the Atlantic was a critical campaign in which the Allies aimed to protect vital shipping lanes from German U-boat attacks. The disruptions caused by the U-boat campaign posed a severe threat to transatlantic trade.
- Allied Blockade: The Allies maintained a tight blockade around Axis-controlled territories, cutting off their access to essential supplies and raw materials.
Post-War Recovery:
- Marshall Plan: After World War II, the United States implemented the Marshall Plan, which provided extensive financial aid to Western European countries to rebuild their economies and infrastructure, promoting economic recovery and stability in Europe.
- Bretton Woods System: The Bretton Woods Conference in 1944 established the International Monetary Fund (IMF) and the World Bank, creating a new global financial architecture to facilitate trade and economic cooperation among nations.