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Important Terms: The Making of A Global World

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Important Terms: The Making of A Global World

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jiyasethi150
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The Making of a Global world

Important terms
Globalisation: Globalisation is generally associated with economy as the free
movement of capital, goods, technology, ideas and people across the globe.
Globalisation in a broader sense also includes cultural exchanges between
different countries of the world.

Silk Route: The route taken by traders to carry silk cargoes from China to the
West, which affected cultures of China, Central Asia and the West.

Cowrie: A Hindi word meaning ‘Sea shells’. These were used in the ancient
world as a form of currency.

Coolies: Indian indentured labourers were referred to as coolies in the


Caribbean Islands.

Corn Laws: British laws which imposed restrictions on the Import of Corn.

Dissenter: One who refuses to accept established beliefs and practices.

Indentured labour: A bonded labourer under contract to work for an employer


for a specific amount of time, to pay off his passage to a new country or home.

Industrial War: Economic activities concerned with the processing of raw


materials and manufacture of goods in factories, e.g., the use of Machine guns,
Tanks, Aircraft, Chemical weapons, etc.

Hire Purchase: A system by which a buyer pays for a thing in regular


instalments while enjoying the use of it.
The Great Depression: A drastic decline in the world economy resulting in
mass unemployment and widespread poverty that began around 1929 and
lasted till the mid-1930s.

Bank Loan: An amount of money loaned at interest by a Bank to a borrower,


usually on collateral security, for a certain period of time.

Allies: Before the First World War, Britain, France and Russia later joined by
U.S.A. formed an alliance and fought together in the First World War.

Central Powers: An alliance formed by Germany, Austria, Hungary and


Ottoman Turkey, who fought together in the First World War.

Axis Powers: Germany, Italy and Japan were known as Axis Powers during the
Second World War.

El Dorado: The fabled city of gold.

Exchange Rates: They link national currencies for the purposes of International
trade. There are broadly two kinds of exchange rates, namely, fixed exchange
rate and floating exchange rate.

Fixed Exchange Rates: The rates which are officially fixed by the government
and do not vary with change in demand and supply of Foreign Currency.

Flexible or Floating Exchange Rates: These rates fluctuate depending on


demand and supply of Foreign currencies in Foreign Exchanges Markets, in
principle without interference by governments.

Tariff: Tax imposed on a country’s imports from the rest of the world. Tariffs are
levied at the point of entry, i.e., at the Border or at the Airport.
Hosay: A riotous carnival in Trinidad (for Imam Hussain) where workers of all
races and religions joined to celebrate.

Plantation: Estate for cultivation of cash crops such as tea, coffee, cotton,
tobacco, sugarcane, etc.

MNCs: Multinational Corporations (MNCs) are large companies that operate in


several countries at the same time.

IMF: It is also termed as International Monetary Fund, The Bretton Woods


Institution. It was established to deal with external surpluses and deficits of its
member nations.

IBRD: It is abbreviated as the International Bank for Reconstruction and


Development (popularly known as the World Bank). It was set up to finance
Post-war reconstruction.

G-77: G-77 or Group of 77 refers to the seventy seven developing countries that
did not benefit from the fast growth western economies experienced in 1950s
and 1960s.

Important dates
3000 BCE: An active coastal trade linked the Indus Valley Civilization with present day
West Asia.

15th Century: Existence of Silk Routes.

Mid 16th Century: Portuguese and Spanish conquest and Colonisation of America.

1845 – 1849: Potato Famine in Ireland. During this famine, around 1,000,000 people
died of starvation in Ireland.
1885: The big European powers met in Berlin to complete the carving up of Africa
between them.

1890: Global agricultural economy took shape.

1890s: Rinderpest (Cattle Plague) had a terrifying impact on livelihoods of the African
people and the local economy.

1892: Rinderpest reached Africa’s Atlantic coast.

1900s: Indian nationalist leaders began opposing the system of Indentured Labour
Migration as abusive and cruel.

1914-1918: The First World War was fought.

1921: Indentured labour was abolished.

1923: America resumed exporting capital to the rest of the world and became the
largest Overseas Lender.

1929-1935: The Great Depression.

1939-1945: The Second World War was fought.

July, 1944: The United Nations Monetary and Financial Conference was held at Bretton
Woods in New Hampshire, USA.

1947: The IMF and the World Bank commenced financial operations.

1949: The Chinese Revolution.


The Late 1970s: MNCs began to shift production operations to low-wage Asian
countries

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