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 :
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.
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 :