The Making Of A Global World Class 10 Notes History Chapter 3

What are The Making of a Global World?

The nineteenth century economy

International Economic Exchange : The nineteenth century saw international economic exchange by 3 types of movements or flows – Trade flow, Labour flow and Capital flow. Industrial Revolution changed the consumption and production pattern of the people.

Potato Blight : In the mid-1840s, 'Potato blight' destroyed the potato crop and it led to the decimation of scores of population. This famine is also regarded as the Irish Famine.

Global Migration : It took place and nearly 50 million people migrated from Europe to America and Australia in the nineteenth century due to poverty, hunger and to escape religious persecution.

Products of Industrialisation : At the high noon of industrialisation, railways, steamships and the telegraph greatly transformed the nineteenth century world.

Moving towards the Orient :

  • (a) In the late nineteenth century, globalisation took a new turn as Europeans invented a convenient sea-route to Asia, which led them to the Orient.
  • (b) With the augmentation of global economy, the enterprising 'banking merchants' came into prominence.

The inter-war economy

Consequences of the Great War : In twentieth century, the Great World War or World War-I had far-reaching repercussions on the global economy, particularly on Britain and Europe.

Post-war Recovery : Britain faced a steep rise in war-debt and her position as a world economic power ended. Unemployment increased and grain prices fell due to overproduction. After the war, Eastern Europe revived its wheat production, leading to a glut.

The Great Depression of 1929 : It signalled acute economic crises that started during the interregnum phase (period between the two Great World Wars). It began in 1929 and ended in 1930.

Post-war economy

Second World War : The Second World War broke out in 1939 just after twenty years of the First World War. In the aftermath of the Second World War, the Axis powers suffered and Germany faced a merciless defeat.

Bretton Woods Agreement (July 1944) : To ensure a stable economy, a framework was agreed upon at the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire, USA. It established the International Monetary Fund (IMF) and the World Bank.

Cold War and Decolonisation :

  • (a) After the end of the Second World War, the world got divided into two distinct blocs influenced by USA and USSR. The Western bloc was dominated by USA and USSR influenced the Eastern bloc.
  • (b) From 1947 onwards, the process of decolonisation continued for a long time.
  • (c) Developing nations integrated themselves into a group called G-7 and demanded a New International EconomicOrder (NIEO).
  • 1. Renaissance: The term ‘renaissance’ comes from the Italian word ‘Rinascimento’, which means ‘rebirth’ or ‘renewal’. In the historical context, It is the manifestation of cultural and social movement in Europe.
  • 2. Black Death: Bubonic plague pandemic occurring in Afro-Eurasia from 1346 to 1353.
  • 3. El Dorado: A hypothetical land of gold and treasures.
  • 4. Cattle Plague: Also know as ‘Rinderpest’. It is an acute viral disease of cattle and buffalo that kill livestock.
  • 5. Crusades: Military expeditions, developed in late 11th century that were organised by western European Christians in response to centuries of Muslim wars of expansion. Their objective were to check the spread of Islam.
  • 6. Indentured Labour: Indentured labourer signifies a ‘bonded labourer’ who obtained contract to work for an employer for a particular period of time.
  • 7. Floating Exchange Rate: It is a regime where nation’s currency price is set by
  • the forex market which is based on supply and demand, with respect to other nation’s currency.
  • 8. Fixed Exchange Rate: When exchange are fixed and government intervene to prevent movement in them.
  • 9. Globalisation : The term 'globalisation' is derived from the word 'globalise', which signifies the development of international trading networks.
  • 10. Silk Route : The term 'Silk Route' is basically a trade route that connected China to the western world.
  • 11. Spaghetti : A variant of noodle popular in Italy.
  • 12. Corn Laws : British laws that imposed restrictions on the import of corn.
  • 13. Plantation : Establishment of estate for cultivating cash crops like tea, coffee, cotton, tobacco and sugarcane.
  • 14. Canal Colonies : The colonies irrigated by new canals, where peasants from varied regions of Punjab settled.