MIND

The Making of a Global World

Globalisation- It is an economic system that has emerged since the last 50 years or so. The Inter-War Economy

Features of Pre Modern World Important Aspects

Human societies have become Travellers, Traders, priest and Indus valley civilization Cowries were used as Wartime Post-war Rise of Mass Production The Great India and Great
steadily more interlinked. pilgrims travelled vast distance. was linked with West Asia. a form of currency. Transformations Recovery and Consumption Depression Depression

Industries restricted
? Economic boom ended, led
? The concept of mass
? Causes include
? Immediately affected
?
Important Aspects to produce war to increased unemployment. production was introduced agriculture over- Indian trade.
related goods. Canada, US and Australia
? by Henry Ford. production, overseas Prices in India too
?
Agriculture
? became wheat producers A need for high and stable
? loans, Hike in US plunged.
production cut down having behind Europe. income which depends on import duty. Peasants and farmers
?
Silk Routes Food Travels Conquest, Disease and Trade Britain lost
? Eastern Europe revived later
? full employment. Rapid fall in prices,
? were worst hit.
dominance in Indian and created a glut in wheat Need for government to
? decline of
market. production. intervene to minimise production, rise in
Interconnected modern trade and
? Traders and travellers introduced new crops of
? In 16th century, European sailors found a
? US emerged as an
? fluctuation to market unemployment.
cultural links between distant parts the land they travelled. sea route to Asia and America. international creditor. forces forces. US banks collapsed.
?
of the world. Potatoes, soya, maize, groundnuts, tomatoes,
? The Portuguese and Spanish conquest and
?
Most well known silk route
? chillies introduced in Europe and Asia after colonisation of America was under way.
connected China to Europe. America was discovered. The most powerful weapon of Spanish
?
Noodles travelled West from China to become
? conquers was Small Pox which they carried
Rebuilding a World Economy: The Post-War Era
spaghetti. to America.
Two influences After Second world war

The Nineteenth Century (1815-1914) Changes in the 19th Century

US emergence as Dominance of the

Three types of A World Global Economic Role of the dominant power Soviet Union
movement Economy Shape Change Technology

The flow of trade Increase in population Railways were built to carry

Important Aspects
? ? Railways, stream-ships and the
?
led to increase in migrants. telegraph triggered economic
demand of food in Britain. New Harbours were built to
? growth.
Flow of labour Government restricted
? ship the new cargoes. Colonisation stimulated new
?
import of corn known as The demand of labour led to
? investments and improvement Post-War The Early Decolonisation and Rise of Multinational
Flow of money corn laws but later more migration. in transport. settlement Post-War Years Independence Corporations or MNCs
abolished. Irrigation canals were built in
? Refrigerated ships helped to
?
Food could be imported
? Punjab to transform desert transport the perishable food Importance given to economic
? Era of unprecedented growth
? Bretton woods institutions
? First MNCs were established
?
into Britain more cheaply. lands into agricultural lands. items. stability. of trade and incomes for the moved their attention in 1920s.
Control over full employment.
? Western Industrial Nations towards developing Worldwide spread of MNCs
?
Bretton woods conference was
? and Japan. countries. was a notable feature of the
held in 1944 and with it there Worldwide spread of
? Developing countries.
? 1950s and 1960s.
Late 19th Century Rinderpest Indentured Labour- Indian Entrepreneurs Indian Trade, was emergence of International technology and enterprise. organised themselves in
Colonialism (Cattle Plague) migration from India Abroad Colonialism and Monetary Fund (IMF). groups-G77 to demand a
the Global System The World Bank emerged to
? New International
finance post-war reconstruction. Economic Order (NIEo).
Big European
? Rinderpest, a fast
? People from India & China migrated
? The need of capital
?
powers met in Berlin spreading disease of to other parts of the world for jobs. arose with increase in Inflow of fine Indian
?
in 1885 to complete the cattle had an Hired under contracts for five years.
? demand of growing cotton began to decline
the carving up of impact on local Living and working conditions were
? food and crops. and British
Africa between them. economy and Shikaripuri Shroffs manufacturers flooded Beginning of
harsh with few rights ?
Britain, France,
? livelihoods in Africa. and NattuKottai the Indian market. Globalisation
Workers discovered their own way
?
Germany, Belgium The disease killed 90%
? of surviving. Chettiars financed in Britain had a trade
?
become new colonial of the cattle which central and South- surplus with India.
India’s nationalist leaders opposed
? International financial system
?
powers. destroyed African east Asia. Britain used the surplus
? changed in mid 1970s.
the system and thus it was
US became a
? livelihoods. abolished in 1921. to balance trade deficit
MNCs started competing to
?
colonial power in the Africans were forced
? with other countries.
capture world markets and
late 1890s. into the labour market. paved way for the
emergence of Globalisation.