This was intended to allow stability in international trade through the reduction of currency value changes. Countries were also encouraged to fix parity rates for their currencies within 1% of the original rate against the dollar. (e) From the late 1970s MNCs began to shift production operations to Asian countries because of the low wages. The relocation of industry to low wage countries stimulated world trade and capital flows. (d) The Great Depression immediately affected Indian economy. India’s exports and imports nearly halved between 1928 and 1934.

NCERT Solutions for Class 10 Social Science History Chapter 3 The Making of a Global World: Download in PDF

Imagine that you have been asked to write an article for an encyclopaedia on Britain and the history of cotton. Write your piece using information from the entire chapter. (c) Conditions created by the War were also responsible for the Great Depression, during expansion to fulfil the increasing demand for war-related goods. But after the war, the sharp decrease in demands for military and war products gave birth to economic depression. In the mid 1920s, the US gave loans to many countries so that they could finance their investments.

It suffered from soaring inflation in the U.S., as well as increasing balance of payments deficits that forced the dollar’s convertibility into gold to the breaking point. In August 1971, President Richard Nixon announced the suspension of dollar convertibility, marking the end of the Bretton Woods system. By 1973, most major currencies shifted to floating exchange rates. Choose three examples to show the contribution of culture to the growth of nationalism in Europe. List all the different social groups which joined the Non-Cooperation Movement of 1921.

NCERT Solutions for Class 10 Social Science History Chapter 4 The Making of Global World

The academy was incorporated in 2015 to cater to the needs of students, who aim to crack competitive exams by connecting with the best brains around. The institute helps students enhance their skills and capabilities through… The Bretton Woods system proved to be vulnerable in the 1960s and early 1970s.

• (c) The death of men of working-age in Europe because of the World War reduced the able-bodied workforce in Europe, thereby reducing household income.
• The Bretton Woods Agreement set up a fixed-exchange-rate system, with all currencies tied to the US dollar, which itself was convertible into gold at the fixed rate of $35 per ounce.
• The relocation of industry to low wage countries stimulated world trade and capital flows.
• It had a terrifying impact on people’s livelihoods and the local economy.
• As international prices crashed, prices in India also plunged.

Economic Consequences

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As international prices crashed, prices in India also plunged. Though agricultural prices fell sharply, the colonial government refused to reduce revenue demands. All three flows were closely interwoven and affected peoples lives more deeply now than ever before. The interconnections could sometimes be broken – for example, labour migration was often more restricted than goods or capital flows. Yet it helps us understand the nineteenth-century world economy better if we look at the three flows together. Swati is a renowned Hindi tutor with 7 years of experience in teaching.

The Bretton Woods Agreement laid the foundation for modern international financial systems and institutions. Its emphasis on cooperation and stability is what global economic governance is still guided by today. IMF and the World Bank are still part of resolving global financial challenges and promoting economic development globally.

Students Also Read

• (e) The respective governments of the MNCs imposed heavy import tariffs.
• The Bretton Woods Agreement was finalised in July 1944 at Bretton Woods in New Hampshire, USA.
• The Bretton Woods system fostered an environment conducive to international trade and investment.
• (b) Rinderpest, a fast-spreading disease of cattle plague, was brought to Africa by Europeans in late 1880s.
• Having pursued her education at Madras University where she did her Masters in Hindi, Swati knows her way around students.

Then choose any three and write about their hopes and struggles to show why they, joined the movement.

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The fall in agricultural price led to a reduction of farmers’ income and agricultural export. The government did not decrease their taxes due to which peasants’ indebtedness increased all across India. In these depression years, India became an exporter of precious metals, notably gold. (b) Rinderpest, a fast-spreading disease of cattle plague, was brought to Africa by Europeans in late 1880s. Entering Africa in the east, rinderpest moved west ‘like forest fire’ destroying almost 90 per cent of African cattle. It had a terrifying impact on people’s livelihoods and the local economy.

The Making of Global World Question Answer Class 10 Social Science History Chapter 4 NCERT Solutions

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Explain how the global transfer of disease in the pre-modern world helped in the colonisation of the Americas. The main aim of the post-war what is meant by the bretton woods agreement class 10 international economic system was to preserve economic stability and full employment in the industrial world. The United Nations Monetary and Financial Conference held in July 1944 at Bretton Woods in New Hampshire in the USA agreed upon its framework.

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. Within two years, it spread in the whole continent reaching Cape Town within five years. Rinderpest had a terrifying impact on people’s livelihoods and the local economy.