Treating whole world as single country There is free flow of goods and services between different countries due

to which the economy, culture and society of a country is influence by the outer nations.

People travel across the country and other nations for the business, services, money, skill, inventions, and ideas.

 The

Silk Route

Silk route points importance to Chinese silk cargos to the western countries along this route In return they paid in gold-silver and other valuable items.

Travel of food Traders and travelers introduced new crops to the lands they traveled

For better food and life people left their homes along with money, ideas and technology

Role of technology Development of railways, technology, sea ports. World trade rose to 40% in 1914

 Late

nineteenth-century exploitation

European conquests produced many painful economic, social and ecological change This exploitations leads to world economy Labor Migration from India hundreds of thousands of Indian and Chinese laborers went to work across the world

Indian Trade, exploitation and the Global System Historically, fine cottons produced in India were exported to Europe

Exports of raw material increased and final goods are declined

The First World War (1914-18) was mainly fought in Europe Its impact was felt around the world The world experienced widespread economic and political instability

Wartime Transformations During the war, industries were restructured to produce war-related goods. Machinery, tank, aero plane and chemical weapons are produced in bulk Post-war Recovery After war Britain was surviving and economy of India & Japan was start developing Many agricultural economies were also in crisis

Rise of Mass Production and Consumption

Important feature of the US economy of the 1920s was mass production Move towards mass production had begun in the late nineteenth century Mass production lowered costs and prices of engineered goods

The Great Depression The Great Depression began around 1929 and lasted till the mid- 1930s Agricultural regions and communities were the worst affected.

Causes Agricultural Overproduction Overseas Loans Hike In US Import Duty

India and the Great Depression

Indias exports and imports nearly halved between 1928 and 1934 Peasants and farmers suffered more than urban dwellers Across India, peasants indebtedness increased The depression proved less grim for urban India

Two major influences shaped post war reconstruction 1. USs emergence as the dominant economic 2. Soviet Russia emergence as the dominant economic

Post-war Settlement and the Bretton Woods Institutions

an industrial society based on mass production cannot be sustained without mass consumption countrys economic links with the outside world. The Bretton Woods conference established the International Monetary Fund (IMF) preserve economic stability and full employment in the industrial world Based on fixed exchange rates

The Early Post-war Years

Over the decades most of the countries

emerged free

The IMF and the World Bank were designed to meet the financial needs of the industrial countries. Rise of Multinational Corporations or MNCs End of Bretton Woods and the Beginning of Globalisation Economy of countries open for whole world

Submitted to Mr. Rajnish Sohta

Submitted by Shubham Class X Roll no. 1031