Europe in 1907 was powerful, wealthy and stable. The British Empire was unmatched with huge territories that stretched across the globe. The Austrian-Hungarian and Ottoman Empires remained intact, and the Italians, Germans, Dutch, Spanish and Portuguese retained colonies. Nevertheless, the old order would soon collapse, a result of the Great War in 1914. But this trauma was only the beginning. A global financial collapse precipitated by the stock market crash of 1929 allowed Mussolini, Franco and Hitler to seize power. The violence only worsened with the Holocaust, Japanese Imperial expansion, and the Second World War.
At the same time, this was a period of radical advances in music (Stravinsky, Bartok, etc.), in dance (Duncan, Graham, etc.) in literature (Joyce, Pound, etc.), science (Einstein, Heisenberg, etc.), and of course, in art (Matisse, Picasso, etc.). In the years between the wars artists explored abstraction and the irrational. After the war, and with Europe in ruins, the focus of the art world shifted from Paris to New York where Abstract Expressionism was born.