Globalisation is an economic system associated with the free movement of goods, technology, ideas and people across the globe.

The Pre-Modern World The making of the global world has a long history – of trade, migration, people in search of work, the movement of capital, and much else.

Silk Routes It was a good example of trade and cultural links between parts of the world, overland and by sea, connecting vast regions of Asia, and linking Asia with Europe and northern Africa.

Conquest, Disease, and Trade The Indian Ocean had known a bustling trade, with goods, people, knowledge, customs, etc. The entry of Europeans helped in redirecting these flows toward Europe.

Section II: The 19th Century (1815-1914) In 19 century, economic, political, social, cultural, and technological factors interacted in a way to transform societies and reshape external relations.

A World Economy Takes Shape In the 19th century self-sufficiency in food meant lower living standards and social conflict in Britain. In 18th century, population growth increased the demand for food.

Role of Technology The railways, steamships, the telegraph were important inventions that transformed nineteenth-century world.

Late 19th-century Colonialism European conquests Asia and Africa. Belgium and Germany became colonial powers. US became a colonial power in 1890s by taking over some colonies earlier held by Spain.

Rinderpest, or the Cattle Plague Rinderpest is a fast spreading cattle plague which hit Africa in 1880, carried by infected cattle imported from British Asia and destroyed 90% of the livestock.

Indentured Labour Migration from India Indentured Labour was a bonded labourer under contract to work for an employer. Recruitment was done by agents. It was abolished in 1921

Section III: The Inter-war Economy The First World war was the first modern industrial war. The war transformed the US from being an international debtor to an international creditor.

Post-war Recovery After the war was over, production reduced and unemployment increased. US recovery war the quicker. housing and consumer boom in 1920s, which led to the Great Depression of 1929.

India and the Great Depression India was also affected by the  Great  Depression. Indian exports and imports declined and prices fell. the migration took place from villages to towns and cities.

Post-war Settlement & Bretton Woods Institutions To ensure a stable economy a framework was agreed upon at the United Nations Monetary and Financial Conference held at Bretton Woods,USA.

FOR CHAPTER 4