The Making of a Global World - Class 10 Social Science - Chapter 3 - Notes, NCERT Solutions & Extra Questions
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Extra Questions and Answers - The Making of a Global World | India and the Contemporary World - II | Social Science | Class 10
"Global Financial Stability Report (GFSR)" was published by which of the following organization?
World Bank
World Economic Forum
International Monetary Fund
United Nations Conference on Trade and Development (UNCTAD)
The correct option is C: International Monetary Fund.
The Global Financial Stability Report (GFSR) is a vital semi-annual publication authored by the International Monetary Fund (IMF). It plays a crucial role in assessing the stability of the global financial markets, as well as the financial conditions in emerging markets. This report is released bi-annually, specifically in April and October. Similarly, the Reserve Bank of India (RBI) also publishes a bi-annual report titled the Financial Stability Report which assesses the financial stability of India's financial system.
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Give two examples of different types of global exchanges which took place before the seventeenth century, choosing one example from Asia and one from the Americas.
Asia - Silk Routes:
The Silk Routes, also known as the Silk Road, represent a historical network of trade routes that linked Asia and Europe.
Originating before the Christian era and thriving up to the fifteenth century, these routes facilitated the trade of luxuries such as silk, spices, and precious metals from Asia to Europe.
Alongside material goods, they enabled the exchange of ideas, culture, technology, and even diseases.
Americas - Columbian Exchange:
Initiated by Christopher Columbus' voyages to the Americas, the Columbian Exchange was a widespread exchange of animals, plants, culture, human populations, communicable diseases, technology, and ideas between the American and Afro-Eurasian hemispheres.
Key elements from the Americas included potatoes, tomatoes, and maize, which became very significant crops in Europe and Asia.
In return, Europe introduced livestock like horses and cattle to the Americas, profoundly impacting the indigenous cultures and economies.
Explain how the global transfer of disease in the pre-modern world helped in the colonisation of the Americas.
The global transfer of disease played a crucial role in the European colonisation of the Americas. When Europeans arrived in the New World, they brought with them diseases like smallpox and measles to which the indigenous populations had no immunity. Due to their long isolation, Native Americans suffered catastrophic losses, with mortality rates as high as 90% in some communities. This massive decline in the native population created a power vacuum, making it significantly easier for European powers to establish control over the Americas. Furthermore, the drastic reduction in the Indigenous population led to a labor shortage, prompting the importation of African slaves, further entrenching European dominance.
Write a note to explain the effects of the following:
a) The British government’s decision to abolish the Corn Laws.
b) The coming of rinderpest to Africa.
c) The death of men of working-age in Europe because of the World War.
d) The Great Depression on the Indian economy.
e) The decision of MNCs to relocate production to Asian countries.
a) Abolition of the Corn Laws: The repeal led to cheaper grain imports, devastating British agriculture. Farmland was abandoned, and agricultural workers flocked to cities, exacerbating urban unemployment and emigration.
b) Rinderpest in Africa: Rinderpest decimated cattle across Africa, crippling agricultural livelihoods. It forced dependency on European imports and coerced Africans into the wage labor market, significantly altering economic structures and amplifying colonial control.
c) WWI and Death of Working-Age Men: The massive casualties left a shortfall in Europe's workforce, reducing productivity and economic output. This loss accelerated changes in gender roles, increasing women's participation in the workforce but also leading to significant social and economic adjustments post-war.
d) Great Depression on Indian Economy: Plummeting global trade and commodity prices severely hit India's export-dependent economy. Agricultural distress increased as prices fell, deepening rural debt, while simultaneously, the colonial government's unyielded revenue demands exacerbated the population's hardship.
e) MNCs' Relocation to Asia: Driven by lower labour costs, MNCs shifted manufacturing to Asia, stimulating local economies through job creation and technology transfer. This movement fostered economic growth and industrial development in the region but also raised concerns over labour standards and economic dependency.
Give two examples from history to show the impact of technology on food availability.
Refrigerated Ships in the Meat Industry: Key technological advancement of refrigerated ships in the late 19th century dramatically altered the meat trade. Prior to this, meat had to be shipped live, leading to high mortality rates and wasted space. Refrigeration allowed for the slaughter and preservation of meat closer to the point of production before being shipped globally. This not just decreased costs but also increased the availability and variety of meat in markets previously restricted by geographic constraints, such as Europe.
Railway Expansion and Agriculture: The expansion of railways across America in the 19th century led to significant changes in agricultural distribution. Railroads enabled farmers to transport their produce over greater distances, efficiently and swiftly reaching markets that were once inaccessible. This advancement resulted in lower transportation costs, increased food production, and more stable food prices, enhancing food availability across expanded areas.
What is meant by the Bretton Woods Agreement?
The Bretton Woods Agreement refers to the international monetary and financial system established in 1944 at a conference in Bretton Qoods, New Hampshire, USA. This agreement established key financial institutions like the International Monetary Fund (IMF) and the World Bank (International Bank for Reconstruction and Development, IBRD). Its main goals were to regulate the international monetary system, manage balance of payments difficulties among nations, and provide the financial resources needed for post-war reconstruction.
The system established fixed exchange rates where national currencies were pegged to the U.S. dollar, with the dollar itself convertible into gold at a fixed rate. This was intended to provide a stable economic environment to facilitate international trade and economic recovery post World War II. This system lasted until the early 1970s when it was replaced by a floating exchange rate system.
Imagine that you are an indentured Indian labourer in the Caribbean. Drawing from the details in this chapter, write a letter to your family describing your life and feelings.
Dear Family,
I hope this letter finds you all in good health. It felt like my heart was heavy as I stepped onto the ship, leaving home behind, enticed by promises of wealth from the recruiters. The journey to the Caribbean was long and arduous, and nothing prepared me for what was to come.
Life here is enormously challenging. The work on the sugar plantations is exhausting and the working hours are relentless. I often reminisce about our village, its simplicity and our modest but comfortable life. Here, the conditions are harsh, and I find little solace at the end of the day.
I regret my decision to leave, misled by tales of prosperity. The reality is a painful grind for survival under tough overseers. Yet, I am bound by a contract I barely understand, counting days to return.
I miss you dearly and hope for better times.
With love,
[Your Name]
Explain the three types of movements or flows within international economic exchange. Find one example of each type of flow which involved India and Indians, and write a short account of it.
In nineteenth-century economic exchanges, three types of movements or flows were significant: the flow of trade, the flow of labour, and the movement of capital.
1. Flow of Trade: An example involving India is the export of textiles to Europe. During the colonial period, fine cottons from India were in high demand in European markets before British manufactured goods began to dominate.
2. Flow of Labor: The indentured labour migration from India to the Caribbean, Fiji, and Mauritius is a poignant instance. Indians worked under severe conditions on sugar plantations, profoundly impacting cultural and demographic landscapes abroad.
3. Movement of Capital: British investment in Indian infrastructure, notably railways and ports, aimed at boosting the export of raw materials from India to Britain, represents this flow. The capital movement significantly transformed India’s economic and physical landscape, although primarily serving colonial interests.
Each of these flows has had lasting impacts on both India and the participating countries, shaping economic patterns and interdependencies.
Explain the causes of the Great Depression.
The Great Depression, which began around 1929, was caused by a combination of factors:
1. Agricultural Overproduction: Persistent overproduction in agriculture lowered prices and farmers' incomes, leading to reduced purchasing power and economic stress.
2. Stock Market Crash of 1929: Speculation led to inflated stock prices that eventually crashed, wiping out millions of investors.
3. Bank Failures: The crash led to a panic, resulting in bank withdrawals and numerous bank failures.
4. Reduction in Purchasing Across the Board: As businesses closed and layoffs increased, spending by consumers and businesses sharply declined, exacerbating the downturn.
5. Restricted International Lending: The U.S. curtailed lending to foreign nations, leading to economic difficulties worldwide.
These issues were interconnected and created a cycle of economic decline that spread globally, deeply affecting economies around the world.
Explain what is referred to as the G-77 countries. In what ways can G-77 be seen as a reaction to the activities of the Bretton Woods twins?
The Group of 77 (G-77) refers to a coalition of developing countries established to promote their collective economic interests and enhance their joint negotiating capacity at the United Nations. Formed in 1964 during the United Nations Conference on Trade and Development (UNCTAD) in Geneva, the group originally had 77 founding members, but has since expanded to include more countries, although it retains its original name.
The G-77 can be seen as a reaction to the Bretton Woods institutions (the IMF and the World ганк), focusing on the interests of developed nations rather than addressing the needs of the developing world. Developing countries felt underrepresented and marginalized in decisions impacting their economies and sought to form a coalition to amplify their voice on the global stage. This led to a push for a New International Economic Order that aimed to improve their terms of trade, increase development assistance, and gain better control over their natural resources.
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Understanding Globalization
Globalization refers to the process by which businesses, cultures, and governments from around the world interact and integrate. While today's form of globalization began taking shape about 50 years ago, the history of global interconnectedness stretches back much further. Understanding these earlier phases helps us appreciate how our modern, interconnected world came to be.
The Pre-modern World
Early Trade Routes
One of the earliest signs of globalization was the development of extensive trade networks. The Silk Routes are a prime example, known for their vital role in connecting Asia with Europe and northern Africa. These routes facilitated the exchange of goods such as silk, spices, and pottery.
Cultural and Economic Exchanges
Trade was not just about goods; it also involved a rich exchange of culture and technology. Early missionaries and pilgrims traveled these routes, spreading religious and cultural ideas. New food items were introduced across continents—spaghetti and noodles, for instance, may have traveled from China to Europe through these ancient connections.
The Age of Exploration and Conquest
Discovery of the Americas
The discovery of the Americas by European explorers was a turning point in global trade. This event led to the exchange of numerous goods, crops, and even diseases between the Old and New Worlds. While metals like silver enhanced European wealth, diseases decimated the indigenous populations in the Americas, facilitating European conquest.
Economic Effects
Precious metals from the Americas, especially silver, played a critical role in financing European trade with Asia. However, the introduction of diseases like smallpox had a devastating impact on the indigenous peoples, paving the way for their conquest by European powers.
The Industrial Revolution and Migration
Technological Advancements
The Industrial Revolution brought significant technological advancements such as steamships and railways, revolutionizing trade and migration. These innovations made long-distance travel more efficient and affordable, facilitating the global movement of goods and people.
Colonialism and its Economic Impacts
Colonial powers exploited colonies for their resources, redirecting global trade towards Europe. This period saw the establishment of extensive plantation economies and forced labor systems, significantly impacting the societies and economies of colonized regions.
The 20th Century: Wars and Economic Shifts
The Great Depression
The Great Depression (1929-1939) had a catastrophic impact on global trade, causing widespread economic instability. Declining agricultural prices hit farmers hard, leading to a severe economic downturn that was felt worldwide.
World War I and II
Both World Wars drastically reshaped the global economy. World War I caused economic disruptions that led to a prolonged post-war crisis. World War II resulted in massive destruction but also led to significant economic changes, including the establishment of the Bretton Woods Institutions to aid post-war reconstruction.
Bretton Woods Institutions
The International Monetary Fund (IMF) and the World Bank were established during the Bretton Woods Conference in 1944. These institutions aimed to stabilize the global economy by providing financial assistance for reconstruction and development.
Modern Globalization
Rise of Multinational Corporations
The late 20th century saw the rise of multinational corporations (MNCs), which have played a crucial role in shaping modern globalization. These entities set up operations in multiple countries, facilitating global trade and investment.
New International Economic Order (NIEO)
In response to economic exploitation, developing countries demanded a New International Economic Order (NIEO) in the 1970s. Their goal was to gain fairer terms of trade, better access to financial resources, and control over their own natural resources.
Recent Trends
Countries like India, China, and Brazil have experienced rapid economic growth in recent decades, transforming the global economic landscape. The relocation of industries to these low-wage countries has further stimulated global trade and investment.
Conclusion
From early trade routes like the Silk Routes to the rise of multinational corporations, the making of a global world is a complex journey. Understanding this history helps us appreciate the intricacies of our interconnected world and the factors that continue to shape globalization today.
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