The first great expansion of European capitalism took place in the 16th century, following the first circumnavigation of the earth in 1519 to 1521. ... This was brought to a halt by the First World War and the bout of anti-free trade protectionism that led to the Great Depression in 1930. ... The end of the Second World War brought another great expansion of capitalism with the development of multinational companies interested in producing and selling in the domestic markets of nations around the world. ...
At the end of World War II, several international institutions were created to manage the world economy and prevent another Great Depression. These institutions include the International Monetary Fund (IMF), the International Bank for Reconstruction and Development (now called the World Bank), and t...