Explain what is referred to as the G-77 countries
[question] Question. Explain what is referred to as the G-77 countries. In what ways can G-77 be seen as a reaction to the activities of the Bretton Woods twins? [/question] [solution] Solution: G-77 countries is an abbreviation for the group of 77 countries that demanded a new international economic order (NIEO); a system that would give them real control over their natural resources, without being victims of neo-colonialism, that is, a new form of colonialism in trade practised by the former c...
Explain the three types of movements or flows within international economic exchange.
[question] Question. Explain the three types of movements or flows within international economic exchange. Find one example of each type of flow which involved India and Indians, and write a short account of it. [solution] Solution: The three types of movements or flows within the international economic exchange are trade flows, human capital flows and capital flows or investments. These can be explained as—the trade in agricultural products, migration of labour, and financial loans to and from ...
Imagine that you are an indentured Indian labourer in the Caribbean.
[question] Question. 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. [solution] Solution: Indentured Indian labourers in the Carribbean—facts—signed a contract stating that they would return to India after working for five years at a plantation; belonged to eastern Uttar Pradesh, Bihar, central India and the dry districts of Tamil Nadu; migrants took up the overseas job...
What is meant by the Bretton Woods Agreement?
[question] Question. What is meant by the Bretton Woods Agreement? [solution] Solution: 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. [/solution]...
Write a note to explain the effects of the following:
[question] Question. Write a note to explain the effects of the following: (a) The British government’s decision to abolish the Corn Laws. (b) The coming of rinderpest to Africa. (c) The death of men of working-age in Europe because of the World War. (d) The Great Depression on the Indian economy. (e) The decision of MNCs to relocate production to Asian countries. [/question] [solution] Solution: (a) The British government’s decision to abolish the Corn Laws resulted in losses for the agricultur...
Explain how the global transfer of disease in the pre-modern world helped in the colonisation of the Americas.
[question] Question. Explain how the global transfer of disease in the pre-modern world helped in the colonisation of the Americas. [/question] [solution] Solution: The global transfer of disease in the pre-modern world helped in the colonisation of the Americas because the native American Indians were not immune to the diseases that the settlers and colonisers brought with them. The Europeans were more or less immune to small pox, but the native Americans, having been cut off from the rest of t...
Give two examples of different types of global exchanges which took place before the seventeenth century,
[question] Question. 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. [solution] Solution: Examples of the different types of global exchanges which took place before the seventeenth century: 1) Textiles, spices and Chinese pottery were exchanged by China, India and Southeast Asia in return for gold and silver from Europe. 2) Gold and foods such as potatoes, soya, groundnuts, tomato...