Effects- If the effects of World War I were bad, the effects of World War II were even more worse. The number of people who lost their lives during the war was in millions, and the number of people who were left homeless was manifold larger than that. However, World War 2 also marked the end of dictatorship in Europe, and pitched the United States and Soviet Union as the super powers of the world. It also resulted in formation of the United Nations, an organization formed to promote peace and security in the world. The Paris Peace Treaty, signed on 10th February, 1947, allowed nations like Italy, Bulgaria and Finland to resume as sovereign states in international affairs and become of the members of the United Nations. The Treaty also included provisions for the payment of war reparations and post war territorial adjustments.