History
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.
Global World
1 Like
Answer
The three types of movement or 'flows' within international economic exchanges are:
- The first is the flow of trade which in the nineteenth century referred largely to trade in goods (e.g., cloth or wheat). All kinds of goods like food grains, cotton, jute, cocoa, tea, textile, meat etc. were part of trade in nineteenth century. All these goods were produced mostly by Asian and African countries for European markets.
- The second is the flow of labour – the migration of people in search of employment. The demand for labour in places where labour was in short supply – as in America and Australia – led to more migration. India and China became sources of labourers in nineteenth century.
- The third is the movement of capital for short-term or long-term investments over long distances. Domestic traders were now replaced with big industrialists and colonial powers. They invested in foreign lands known only recently to the world because they had ample of resources.
Examples related to India and Indians:
- India exported textiles, jute, tea and spices to Europe. Many different foods such as potatoes, soya, groundnuts, maize, tomatoes, chillies and sweet potatoes came to India from the Americas.
- India provided indentured labourers to the places in Africa and Caribbean islands. Poor and indebted labourers were forced to migrate in search of work. The example of indentured labour migration from India also illustrates the two-sided nature of the nineteenth-century world. It was a world of faster economic growth as well as great misery, higher incomes for some and poverty for others.
- British colony shifted India's wealth to its own country. To compensate their expenditure they levied heavy taxes on Indians. Also they bought raw material from Indian peasants by paying very less and sold the manufactured product in Indian markets at a higher price. This led to drain of wealth from India.
Answered By
1 Like
Related Questions
What is meant by the Bretton Woods Agreement?
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.
Explain the causes of the Great Depression.
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?