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Class 10 The Making of a Global World: cheat sheet
CBSE Social Science. How trade, people and capital linked the world: silk routes, food and germs, the 19th-century economy, indenture, the Great Depression and Bretton Woods.
Key ideas
- Long before modern times the silk routes linked Asia with Europe and northern Africa, carrying silk, spices and textiles.
- After Columbus, potatoes, maize, tomatoes and chillies spread from the Americas, while germs like smallpox killed many native Americans.
- Economists see three flows in the world economy: trade, labour and capital.
- In the 19th century railways, steamships, the telegraph and refrigerated ships tied distant markets together.
- Rinderpest killed most of Africa’s cattle in the 1890s, pushing many Africans into wage work.
- Indentured workers from India went to the Caribbean, Mauritius and Fiji on fixed contracts until indenture was abolished.
- In the Great Depression production, jobs, incomes and trade fell; in India wheat prices fell by half and jute prices by over 60%.
- The Bretton Woods conference set up the IMF and the World Bank and fixed exchange rates.
Remember
| Three flows | trade, labour, capital |
| Corn Laws | British limits on importing corn |
| Indenture abolished | 1921 |
| Great Depression | about 1929 to the mid-1930s |
| Bretton Woods | 1944: the IMF and the World Bank |
| Fixed and floating rates | held by government; moved by demand and supply |
Watch out
- Thinking potatoes and chillies began in Asia: they came from the Americas.
- Taking a 60% fall to leave 60%: it leaves 40% of the old price.
- Confusing the Bretton Woods twins (IMF and World Bank) with the WTO.
Worked example
During the Depression, wheat prices in India fell by 50% and raw jute prices by more than 60%. (a) Wheat that sold for ₹350 would sell for how much? (b) Jute that sold for ₹140, after a 60% fall? (c) How did this affect peasants?
Working: 50% of 350; 40% of 140
Answer: (a) ₹175 (b) ₹56 (c) Their incomes fell but revenue demands did not, so many fell into debt and sold their gold.
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