Bihar Board Class 10 · Social Science · Matric exam 2027
Chapter 7: Trade and Globalisation — notes
The chapter’s 7 parts in the book’s order — the first idea of each and the points Medha Ma’am writes on the board — and the summary at the end. The full lesson and a check question for each part are in the app.
1. The Ancient World Market and the Industrial Revolution
Okay, so, trade between countries isn't new at all.
- • World market: market where goods of all countries are sold to common people
- • Example: Alexandria - first world market
- • Industrial revolution: large scale production by machines run by steam power
- • Started: after 1750, centre - England
- • Colonialism: political-economic control of Asia, Africa, South America by Europe
2. Trade, Migration and Capital under Colonialism
Okay, so the world market became truly global after the industrial revolution.
- • Three tendencies: trade, migration of workers, flow of capital
- • Girmitiya labour: contract labourers for cash crops (sugarcane, tea, tobacco)
- • Sent from Bhojpuri areas (Eastern U.P., Western Bihar), Punjab, Haryana
- • Indian textile export: 30% (1800) -> 15% (1815) -> 3% (1870)
- • Raw cotton export: 5% (1800) -> 35% (1872)
3. The World Market Expands, Then World War I
Okay, so — think about new things like railways, steam engines, steam ships, the telegraph and big fleets.
- • World trade (1820-1914): increased 25 to 40 times
- • 60% of global trade: agriculture, coal mining, textile
- • Imperialism: Europe controlling Asia-Africa by military power
- • Result: violent nationalism -> First World War
- • After war: USA helps rebuild Europe (1920-1927), progress in agriculture, housing, motorcars
4. The Great Economic Depression of 1929
Okay, so by 1929, the whole world fell into a crisis.
- • Economic depression: industry, agri, trade collapse; mass unemployment; banks fail
- • Cause: overproduction + too few buyers, falling prices
- • Satta-bazi (speculation) at New York Stock Exchange worsened crash
- • USA: 4000+ banks closed, 110000 companies sick (by 1933)
- • Germany: 60 lakh jobless; Britain: 35 lakh jobless
- • India: exports halved (1928-34), wheat price fell 50%
5. Rebuilding the World: New Deal to Bretton Woods
Okay, so — how did the world fight the depression?
- • New Deal (1932, Roosevelt): public welfare, jobs, regulation of industry/agriculture
- • Depression led to: rise of socialism in Russia's appeal + dictatorship in Italy, Germany
- • Yalta Conference (1945) -> United Nations Organisation reconstruction
- • Bretton Woods Convention: July 1944, USA (Hampshire)
- • Result: IMF and World Bank founded, started work in 1947
6. The World Divides: 1945 to 1960
Okay, so after the Second World War, we can see the world's economy in three parts.
- • Block 1: Soviet Union (state-controlled) vs USA (market-profit based)
- • Block 2 (within capitalist world): USA controls South America (via CIA), West Asia oil (via Israel)
- • Western Europe cooperation: Benelux (1944), Brussels agreement (1948), EEC (1957)
- • Britain joined EEC: 1960
- • Block 3: newly independent Asia-Africa countries get aid from USA and USSR
7. Globalisation and Its Impact on Livelihood
Globalisation is a worldwide process joining political, economic, social, scientific and cultural life, trying to unify people across the world at physical and psychological levels, so the whole world becomes like a big village.
- • Globalisation: worldwide unifying process of political, economic, social, cultural life
- • Term first used: John Williamson, USA, 1990
- • Spread through: World Bank, IMF, WTO, multinational companies
- • Features: open market, free trade, privatisation, multinational corporates
- • New jobs: banking, insurance, telecom, hotels, call centres
- • Effect: USA dollar - world standard currency; new economic imperialism
Summary
Okay, so let's look back at everything we've covered. World trade is actually very old. It started way back, from Alexandria, and later the industrial revolution in England changed everything. That revolution created colonialism, it brought Girmitiya labour, and it set workers, trade and capital moving across the world. This global market grew fast with new technology. But it also led to imperialism, and finally, to the First World War. After the war came the great economic depression of 1929. It was caused by overproduction and speculation, and it badly hurt America, Germany, Britain and India. To recover, countries tried new policies — the New Deal, and the Bretton Woods Convention, which gave us the IMF and the World Bank. Then after the Second World War, the world split into two blocks, one led by the USA, the other by the Soviet Union. Finally, after 1991, globalisation spread very fast. It linked the whole world's economy, and even our daily livelihood, through open markets, multinational companies and new service sector jobs. Now, thinking about all of this — which of these events do you think changed trade the most?
AskMedha · Medha Ma’am — Bihar Board Class 10 Social Science, Chapter 7. Written from the textbook, checked twice.
Questions parents and students ask
- How do I get the "Trade and Globalisation" notes as a PDF?
- Press "Save as PDF" — the phone’s print sheet opens; choose "Save as PDF" there. The PDF holds the notes only.
- Where are these notes written from?
- From the chapter’s own textbook text, part by part, in the book’s own terms; a second, independent model then checked every part against the book. The full lesson, a check question for each part and the practice are in the AskMedha app.
The same preparation, with Medha Ma’am — on your phone
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