SST GROUP PROJECT CLASS 10

[Virtual Presenter] The Second World War marked a major milestone in modern economics, fundamentally changing the balance of power among nations and ushering in the era of globalisation. This presentation delves into the causes and consequences of this shift, examining its effects on individuals, nations, and the world as a whole..

[Audio] After World War II, the destruction was widespread both physiologically and economically. Nevertheless, determined leaders voted to rebound from the devastation. This ambition caused the US, Europe, and Japan to reconstruct aged constructions, innovate new technologies, and formulate a prosperous economy. The US was lucky to gain advantages from the aftermath, because of its big population, commerce, and capital. Europe had an increment in growth that was slower than the US and Japan, yet the final outcome was a throughly globalized nation, with a affluent and productive economy..

[Audio] Economic policies during the 1920s had a major impact on the world. Excess production of agricultural goods, US loan withdrawals and a doubling of US import duties all contributed to the late 1920s recession. This led to the bankruptcy of some major banks, decreased prices of agricultural and materials goods, and a decrease in global trade. Globalisation during this era was hard for many countries, but its economic effects will be felt in the generations to come..

[Audio] Global economy in the 1930s was severely affected by the Great Depression. Unemployment rate soared and various businesses and banks were shut down. People struggled to repay their loans and had to give away their assets. Many resorted to travelling far and wide just to find a work to sustain themselves. A study conducted in 1933 determined that at least 4000 banks had gone bankrupt and 110000 companies were eliminated from 1929 to 1932. The banking system in the US, incapable of managing its investments and compensating its customers, was most heavily impacted, with a large number of banks closing and unable to remain in business..

[Audio] In the 19th century, a drastic change in the global economy had a ripple effect in India. Peasants who were supplying products to the world market were the most affected, since wheat prices dropped by 50%. Imports and exports also decreased significantly. Consequently, because peasants had relied on their savings and resources to cover their expenses, they quickly found themselves in massive debt. On the other hand, the export of precious metals like gold from India to the British empire helped the country's economy recover. Another positive effect was the higher fixed salaries in urban India, as result of cheaper prices, as well as an increase in investments in industries due to greater protection. Thus, the shift in the global economy marked a new era in India's economic story..

[Audio] In the 1940s, a significant change occurred in the global economy. After the Great Depression and destruction of World War II, a number of countries worked together to form a new framework for economic collaboration and commerce. The Bretton Woods Conference saw 44 countries found the International Monetary Fund, the World Bank, and the General Agreement on Tariffs and Trade (GATT). This has enabled international trade and expedited financial growth globally. As a result of these efforts, different nations are now more connected due to heightened open trade and investment. This highlights the significance of globalization and the necessity to persist in encouraging economic affinity among countries..

[Audio] Following World War II, key developments in the expansion of economic growth occurred via roadways, railways, waterways, and airways. Roadways improved transportation infrastructure, allowing access to new markets and increasing economic integration. Railway networks enabled the transportation of goods over long distances, connecting commercial centers, ports and rural areas and promoting industrial progress and commerce. Due to these advances, nations were able to advance their own economic and industrial development in the post-war years..

[Audio] Connectivity plays a central role in the process of globalisation. Air travel, in particular, has had an immense impact on global connectivity: travel times have been significantly decreased, leading to the accelerated movement of goods and people, and promoting the opening of new markets and economic development. Furthermore, accessibility and transportation costs have decreased, connecting production centers with consumers and allowing for an easier and faster exchange of ideas and innovation. Such transportation networks are essential for globalisation, and are considered the foundation of the economy..

[Audio] In an effort to ensure economic stability and full employment, steps were taken to minimize price, output and employment fluctuations. Resulting from this global aim, the United Nations Monetary and Financial Conference at Bretton Woods in New Hampshire, USA in July 1944, laid the foundations for countries to cooperate and coordinate their economic policies. This agreement birthed such organizations as the International Monetary Fund, the World Bank, and the General Agreement on Tariffs and Trade. These organizations have enabled governments to promote and foster international economic cooperation, thus creating a more stable global economy..

[Audio] The WTO is an international organization that works to establish the rules and regulations of international trade among its member countries. It also aims to ensure fair competition in the global marketplace by eliminating certain unjust practices, such as subsidies, dumping, and other anti-competitive behaviors. The WTO's agreements help to reduce the costs associated with trading and make global markets more accessible. Additionally, the WTO helps to ensure that countries adhere to the same standards when participating in different markets, thereby helping to keep prices competitive for consumers. Finally, it works to guarantee that all market participants can access the same terms and conditions when engaging in trade around the world, thereby contributing to the overall stability of the global economy..

[Audio] For the past two decades, the global economic landscape has undergone a transformative shift. In the 1960s, the US dollar lost its value when compared to gold, and the subsequent system of floating exchange rates meant developing countries had to borrow from Western banks and institutions, leading to recurrent debt crises and worsened poverty in Africa and Latin America. Additionally, increased unemployment in the industrial world prompted Multi National Companies to move production to countries with cheaper labor instead, whereas China's new economic policies opened the country up to the post war world economy. This shift in production drove world trade and capital movements, and countries such as India, China and Brazil experienced rapid economic expansion. This is evidenced by the prevalence of products such as TVs, mobile phones and toys being dominated by China's low-cost model. Globalisation has clearly shifted significantly in the past two decades, emphasising the power of economic life lines..

[Audio] India is a prime example of the influence of globalization. With bolstered foreign investment, improved transportation and the advancement of IT, we have witnessed substantial growth in the realms of trade and culture, along with social, fiscal, cultural and political domains. Globalization has connected the world in unprecedented ways, making it simpler than ever before for individuals from across national boundaries to interact - erasing former blockades and opening-up a plethora of new possibilities. As more countries become tolerant and support the enhancement of globalization, we will perceive chances spread and growth expand globally..

[Audio] India is a country that is united by rivers and airways, which bring potential for efficient transportation of goods and services, increased economic activity, and improved tourism. The National Waterway Project has been vital in improving navigability and creating greater opportunities in inland regions. Air transportation has been a key factor in transforming India, with increased air connectivity boosting business activities and enabling rapid movement of people and goods over long distances. Consequently, India has become a global leader in trade and business..

[Audio] I appreciate you taking the time to listen to my presentation on the making of a Global World, Globalisation and its life lines of Economy. We have seen that globalisation has enabled countries, businesses, and individuals to become more connected and to share knowledge and resources across the world. It has increased international competition and economic growth, but it has also produced environmental and social issues that need to be tackled. Thank you once more for listening to my presentation, I hope you now have a better comprehension of how globalisation affects us all..