The system did help the recovery and development of the world economy, but it benefitted a few nations only. As the dominant partner, the US used the Bretton arrangements to establish its hold and control of global trade. NCERT Solutions Class 10 Social Science PDF (Download) Free from myCBSEguide app and myCBSEguide website. Ncert solution class 10 Social Science includes textbook solutions from part 1 and part 2 part 3 and part 4.
Get all the study material in Hindi medium and English medium for IIT JEE and NEET preparation To download NCERT Solutions for class 10 Social Science, Computer Science, Home Science,Hindi ,English, Maths Science do check myCBSEguide app or website. Sample Paper all are made available through the what is meant by the bretton woods agreement class 10 best app for CBSE students and myCBSEguide website. NCERT solutions for Class 10 Social Science History The Making of a Global World Chapter 4 are available in PDF format for free download. These ncert book chapter wise questions and answers are very helpful for CBSE exam. The BrettonWoods Agreement was finalised in July 1944 at Bretton Woods in New Hampshire,USA.
Chapter 3 The Making of a Global World
- The Vietnam War and other overseas involvements weakened the US economy and made it difficult for the US to maintain the convertibility of the dollar to gold.
- (d) (i) An integrated global economy had taken place by the early twentieth century.
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- They used up their savings, mortgaged lands and sold whatever jewellery and precious metals they had to meet their expenses.
Decision-making authority was given to the Western industrial powers. The US was given the right of veto over key IMF and World Bank decisions. The Bretton Woods system Opened an era of unique growth of trade and incomes for the Western industrial nations and Japan. Doubtnut helps with homework, doubts and solutions to all the questions. Get solutions for NEET and IIT JEE previous years papers, along with chapter wise NEET MCQ solutions.
While it was often extremely easy to raise loans in the US when the going was good, the US overseas lenders panicked at the first sign of trouble. In the first half of 1928, the US overseas loans amounted to over $1 billion. Countries that depended crucially on US loans now faced an acute crisis. The withdrawal of the US loans affected much of the rest of the world. In Europe, it led to the failure of some major banks and the collapse of currencies such as the British pound sterling.
It marked the end of an era of economic stability and the beginning of a new era of globalization. The system had a significant impact on the way that businesses and governments operated, and it continues to shape the global economy today. The end of the Bretton Woods system also had a significant impact on the global economy. The system had helped to promote economic growth and stability in the industrial world.
So, Britain borrowed large sums of money from US banks as well as the US public. Thus, the war transformed the US from being an international debtor than international creditor. India’s exports and imports nearly halved between 1928 and 1934. As international prices crashed, prices in India also plunged. Though agricultural prices fell sharply, the colonial government refused to reduce revenue demands.
RELATED QUESTIONS
(d) By the early twentieth century, the global economy had become an integral one. The impact of the Great Depression in India was felt especially in the agricultural sector. It was evident that the Indian economy was closely becoming integrated into a global economy. India was a British colony and exported agricultural goods and imported manufactured goods.
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Find one example of each type of flow which involved India and Indians and write a short account of it. Between 1928 and 1934, wheat prices in India fell by 50 per cent. (d) In the nineteenth century, colonial India had become an exporter of agricultural goods and importer of manufactures. (i) America’s vast lands and abundant crops and minerals began to transform trade and lives everywhere from the 16th century.
This led to a wave of globalization, as businesses began to produce goods and services in countries all over the world. The Bretton Woods Agreement was finalised in July 1944 at Bretton Woods in New Hampshire, USA. It established the International Monetary Fund and the World Bank to preserve global economic stability and full employment in the industrial world. These institutions also dealt with external surpluses and deficits of member nations, and financed post-war reconstructions. A new order was necessary because the previous agreements and policies for improving the global economy were inadequate.
Question
From the sixteenth century, its vast lands, abundant crops and minerals began to transform trade and lives everywhere. Precious metals from mines enhanced Europe’s wealth and financed its trade with Asia. The Vietnam War and other overseas involvements weakened the US economy and made it difficult for the US to maintain the convertibility of the dollar to gold. In 1971, President Richard Nixon announced that the US would no longer convert dollars to gold. The Bretton Woods conference established the International Monetary Fund (IMF) to deal with external surpluses and deficits of its member nations.
Chapter 3
(i) A new international economic order (NIEO) with actual control over their natural resources. (iv) The US attempt to protect its economy in the depression by doubling import duties also gave another severe blow to world trade which aggravated the great depression. Question 7 Explain the three types of movements or flows within international economic exchange.
- (e) From the late 1970s MNCs began to shift production operations to Asian countries because of the low wages.
- The NIEO subsequently followed on the pursuance of the members.
- In 1971, President Richard Nixon announced that the US would no longer convert dollars to gold.
- However, criticism of the system (Bretton Woods) was also building up.
Economics
Question 1 Give two examples of different types of global exchanges which took place before the seventeenth century, choosing one example from Asia and one from the Americas. (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.
From school projects to real – life decisions , critical thinking helps students question ideas , analyze facts and form logical conclusions . B) The international market for fine textiles was dominated by India till the eighteenth century. Explain the three types of movements or flows within international economic ex- change. Find one example of each type of flow which involved India and Indians, and write a short account of it. Give two examples of different types of global exchanges which took place before the seventeenth century, choosing one example from Asia and one from the Americas.
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.
The Bretton Woods System benefitted western, industrialised nations and Japan more than many other countries. However, the developing countries felt dominated by a few major powers. The Bretton Woods Conference established the International Monetary Fund (IMF) to deal with external surpluses and shortages of its member nations.