Trade and Globalisation

social science
Share with others

Here you will find all the questions/solutions/extras of chapter 4 Trade and Globalisation of Social Science of class 10 for students studying under the Nagaland Board of School Education (NBSE). However, the study materials should be used only for references and nothing more. The notes can be modified/changed according to needs.

INTRODUCTION: The making of a global world has a long history – of trade, people in search of work, migration, the movement of capital, and much more. As we think of the dramatic and visible signs of global interconnectedness in our lives today, we need to understand what globalisation is and the phases through which this world has emerged. Globalisation is the increasing interconnection of people and places as a result of advances in transport, communication and information technologies that cause political, economic and cultural convergence.

Read: Summary/revision for exams and MCQs

Globalisation is viewed as a century-long process, tracking the expansion of the human population and the growth of civilisation that has accelerated in the past 50 years. Early forms of globalisation existed during the Roman Empire, the Parthian Empire and the Han dynasty, when the Silk Route started in China, reached the boundaries of the Parthian empire and continued onwards towards Rome. The Islamic Age is also an example of when Muslim traders established a global economy resulting in the globalisation of crops, trade, knowledge and technology and later during the Mongol empire when there was greater integration along the Silk Road. Global integration continued through the sixteenth and seventeenth centuries when the Portuguese and the Spanish traders reached all corners of the world after expanding to the Americas.

Register Login

II. Very Short Answer Questions

1. Name the pioneer of mass production of cars.

Answer: Henry Ford was the pioneer of the mass production of cars.

2. Who started the New Deal?

Answer: Franklin D. Roosevelt, President of the USA started the New Deal.

Missing answers are only available to registered users. Please register or login if already registered

4. What did the G-77 demand?

Answer: They demanded a new economic order (NEO).

III. Short Answer Questions

1. Define globalisation.

Answer: Globalisation can be defined as the process of worldwide coordination i.e., political, social, scientific, and cultural life of the people with free movements of capital, goods, technology, ideas etc. It aims at unifying the world at a physical and psychological level.

Missing answers are only available to registered users. Please register or login if already registered

3. What is the popular name of the international bank, set up for reconstruction and development?

Answer: The popular name of the international bank set up for reconstruction and development is the International Bank for Reconstruction and Development (IBRD).

IV. Long Answer Questions

1. Mention the two crucial influences that marked the post-war reconstruction.

Answer: The post-war reconstruction was marked by two crucial influences. First was the US’s emergence as a dominant political, economic and military power in the western world. The second was the dominance of the Soviet Union. It made huge sacrifices to defeat Nazi Germany and transformed itself from a backward agricultural economy into a world power when the world was trapped in the Great Depression.

2. List the chief features of the Bretton Woods system.

Answer: The chief feature of the Bretton Woods system was to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value – plus or minus one per cent – in terms of gold and the ability of the IMF to bridge temporary imbalances of payments.

Missing answers are only available to registered users. Please register or login if already registered

6. Write the factors that made the post-World War I recovery difficult for Britain.

Answer: Britain faced a long crisis. While Britain was preoccupied with war, industries had developed in India and Japan. Moreover, Britain had borrowed liberally from the US. This meant that at the end of the war, Britain was over-burdened with huge external debts. The war had caused an economic boom. This meant that it resulted in large increases in demand, employment and production. When the war ended, production declined and unemployment increased. One in every five British workers was out of work in 1921.

7. Explain the impact of globalisation.

Answer: Following are some of the impacts of globalisation:

(i) In the garb of globalisation, poor and underdeveloped countries were forced to lift all non-tax restrictions on international trade and to cut customs duties to bring them to the international level. This benefited the developed countries and the underdeveloped counties suffered a loss of millions of dollars.
(ii) The developed countries talk about the free flow of finished products but object to the free flow of labour on the ground that it would increase the supply of labour in their country bring down wages and cause unemployment. But they turn an indifferent eye to the fact that in foreign countries the workers will fetch higher wages and improve their standard of life.
(iii) The experience of a number of developing countries tells that the developed countries are interested in investing in those sectors where the gestation period is short and returns are high and overall risk is little whether it is in the interest of the country concerned or not.
(iv) Financial assistance to poor countries is associated with adverse conditions. Because of low credit rating and high rate of inflation the rate of interest is higher. They have to pay a huge amount as interest on loans and consequently curtail expenditure on education and healthcare etc.
(v) The cut in customs duties harms the poor countries in two ways. First, it reduces revenue and makes it difficult for the government to run programmes for the welfare of the poor. Secondly, it promotes imports which are mainly luxury goods and the country’s valuable foreign exchange reserves begin to melt.
(vi) Another argument is that direct foreign investment will enhance opportunities for employment. But the experience of countries like Argentina, Chile etc. shows that instead of the above so-called advantages, liberalisation has increased disparity of income and wealth distribution.

Extra/additional questions and answers/solutions

1. Write a short note on the early forms of globalisation.

Answer: Early forms of globalisation existed during the Roman Empire, the Parthian Empire, and the Han dynasty, when the Silk Route began in China, reached the Parthian empire’s borders and continued on to Rome. The Islamic Age, when Muslim traders established a global economy, resulted in the globalisation of crops, trade, knowledge, and technology, and later during the Mongol empire, when there was greater integration along the Silk Road, is another example of globalisation. Global integration continued in the sixteenth and seventeenth centuries when Portuguese and Spanish traders expanded to the Americas and reached all corners of the globe.

2. What was the Silk Route?

Answer: The Silk Route was a trade and cultural route that connected East and West through regions of the Asian continent, connecting traders, merchants, pilgrims, monks, soldiers, nomads, and urban dwellers from China to the Mediterranean Sea.

3. What stimulated the Europeans to reach the prosperous Chinese empire through another route by the sea.?

Answer: The disappearance of the Silk Route following the fall of the Mongol Empire was one of the primary motivators for Europeans to seek out the prosperous Chinese empire via another sea route.

Missing answers are only available to registered users. Please register or login if already registered

23. Why were the World Bank and IMF established?

Answer: The IMF and the World Bank were established to rejuvenate the international economy during the post-war period.

24. What is modern globalisation? When did it begin?

Answer: lt is a process of worldwide integration & coordination of political, economic and social life of people. Modern Globalisation began in the 1970s. 

25. What had a far-reaching impact on the socio-economic dynamics of the world?

Answer: Globalisation has had a far-reaching impact on the socio-economic dynamics of the world.

Get notes of other chapters of NBSE class 10 social science.


Share with others

Leave a Comment

Your email address will not be published. Required fields are marked *