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The Making of a Global World
Nov 16, 2024
The Making of a Global World
1. The Pre-modern World
Globalisation often refers to a recent economic system but has historical roots.
History of globalisation includes trade, migration, movement of capital.
Ancient societies were interconnected through travellers, traders, and priests.
Example: Indus valley civilisation traded with West Asia as early as 3000 BCE.
Spread of germs and diseases linked societies from the seventh century.
1.1 Silk Routes
Silk routes were ancient trade networks linking Asia with Europe and Africa.
Chinese silk, pottery, Indian textiles, and spices traded along these routes.
Religious and cultural exchanges took place alongside trade.
1.2 Food Travels
Traders introduced new crops and food across regions, e.g., spaghetti and noodles.
Foods like potatoes and tomatoes spread post-Columbus's discovery of America.
New crops impacted diets, e.g., the Irish dependence on potatoes.
1.3 Conquest, Disease and Trade
European discovery of sea routes to Asia and America in the sixteenth century.
America introduced precious metals and new crops to global trade.
Disease (e.g., smallpox) decimated indigenous American populations.
2. The Nineteenth Century (1815-1914)
2.1 A World Economy Takes Shape
Changes in food production and consumption in Britain.
Abolition of Corn Laws led to cheap imports and migration.
Expansion of agriculture in America and Australia to meet British demand.
2.2 Role of Technology
Technological advances like railways and refrigerated ships transformed trade.
Enabled transport of perishable goods like meat, improving diets.
2.3 Late Nineteenth-century Colonialism
European colonial expansion altered economies and societies.
Example: rinderpest disease in Africa forced locals into the labor market.
2.4 Indentured Labour Migration
Indentured laborers from India worked globally, often under harsh conditions.
Migrants blended cultures, creating new forms of expression.
2.5 Indian Entrepreneurs Abroad
Indian bankers and traders financed global export agriculture.
2.6 Indian Trade and Colonialism
Decline in Indian textile exports as British industries grew.
India’s role in Britain's trade surplus and economic system.
3. The Inter-war Economy
3.1 Wartime Transformations
WWI led to massive industrial-scale warfare and economic restructuring.
Shifted economic power to the US as Europe struggled post-war.
3.2 Post-war Recovery
Britain faced economic challenges post-WWI; rise of competition from Japan and India.
Global agricultural glut led to falling prices and rural debt.
3.3 Rise of Mass Production
US economic growth through mass production, led by Henry Ford.
Rise of consumer goods and improved living standards.
3.4 The Great Depression
Began in 1929, causing global economic decline.
Fragile post-war economy exacerbated by falling prices and loan crises.
3.5 India and the Great Depression
India’s trade and agriculture suffered; increased peasant debt.
Gold exports from India facilitated global recovery.
4. Rebuilding a World Economy: The Post-war Era
4.1 Post-war Settlement and Bretton Woods Institutions
Established IMF and World Bank to stabilize post-war economy.
Aimed for stable employment and economic activity.
4.2 The Early Post-war Years
Rapid trade and income growth in Western nations, with unemployment low.
4.3 Decolonisation and Independence
Many countries gained independence post-WWII but faced economic struggles.
Formation of G-77 to push for a fairer international economic order.
4.4 End of Bretton Woods and the Beginning of Globalisation
Shift from fixed to floating exchange rates in the 1970s.
Rise of MNCs and relocation of production to developing countries.
Key Concepts
The evolution of global trade and cultural exchanges.
Impact of technology on global economy and living standards.
Influence of colonialism on modern economic structures.
Post-war international economic stabilisation efforts through Bretton Woods.
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https://ncert.nic.in/ncerts/l/jess304.pdf