Under the pressure from industrialists and urban dwellers, the British Government abolished the Corn Laws. The effects of it were
(i) Food could be imported into Britain more cheaply than it would be produced within the country.
(ii) British agriculture was unable to compete with imports. Vast Areas of land were left uncultivated and people started migrated to cities or other countries.
(iii) As food prices fell, consumption in Britain rose. Faster industrial growth in Britain also led to higher incomes and therefore more food import.
(iv)  Around the world in Eastern Europe, Russia, America and Australia land were cleared and food production expanded to meet the British demand.

Stanley was a journalist and explorer sent by the New York Herald to find Livingston, a missionary and explorer who had been in Africa for several years. Like other European and American explorers of the time, Sir Stanley also went with arms, mobilised local hunters, warrior and labourers to help him, fought with local tribes, investigated African terrain, and mapped different region. These explorations helped the conquest of Africa.

(a) Agricultural overproduction:
(i) Tthe falling agricultural prices caused a decline in agricultural incomes.
(ii) The farmers tried to expand production and bring a large volume of produce to the market for maintaining their overall income.
(iii) This worsened the situation in the market, pushing down prices even further.
(iv) Farm produce rotted for a lack of buyers.
(b) Investments through loans from the US:
(i) In the first half of 1928, US overseas loans amounted to over $1 billion.
(ii) Countries that depended crucially on US loans now faced an acute crisis.
(iii) The withdrawal of the US loans led to the failure of some major banks and the collapse of currencies such as the British Pound Sterling.
(iv) In Latin America and elsewhere, it intensified the slump in agricultural and raw material prices.
(v) The US attempt to protect its economy in the depression by doubling import duties also affected the world trade.

(i) Since wages were low in China, they became attractive destinations for investment by foreign MNCs competing to capture world markets.(ii) The relocation of industry to low-wage countries stimulated world trade and capital flows.
(iii) In the last two decades the world's economic geography has been. transformed as countries such as India, China and Brazil have undergone rapid economic transformation.

EI Dorado.

Noodles

(i)Transformation of the world economy: Technology played a major role in all these developments. Railways, steam shipping, telegraph, ect., were important inventions without which it was not possible to imagine the transformation of nineteenth-century world.
(ii) Linking the markets: New investments and improvements in transport faster railways lighter wagons and larger ships helped move food more cheaply and quickly from far away farms to final markets.
(iii) Impact on the meat trade: Till the 1870s, moat from America was shipped to Europe in the form of live animals which were then slaughtered in Europe. But live animals took up a lot of ship space. Many also died in voltage fell ill lost weight or became unfit to eat. So the prices of meat were very high and it was beyond the reacts of the European poor. Due to high price the demand and production meat from one region to another.
(iv) Social peace and imperialism: The refigerated ships reduced shipping cost and lowered meat prices in Europe. The poor Europe could now consume a more varied diet. Better living conditions promoted social peace within the country and support for imperialism abroad.
(v) Colonialism: Technology played very important role in linking the world markets which promoted the spirit of colonialism.

The Bretton Woods Conference took place in the July of 1944 at Bretton Woods in New Hampshire, USA. Under this system, the International Monetary Fund (IMF) and The International Bank of Reconstruction and Development (IBRD) were established.
The main terms of this agreement were:
(i) Formation of IMF and IBRD (also called the World Bank).
(ii) To establish monetary cooperation amongst the member countries.
(iii) Adjustable peg foreign exchange rates system was followed.i.e. the exchange rates were fixed with the provision of changing them if necessary.
Currencies were required to be convertible for trade-related and other current account transactions. The governments, however, had the power to regulate capital flows.
(iv) All member countries were required to subscribe to the IMF'S capital.

(i) The silk scrapping of Corn Laws lead to free trade of food grains.
(ii) After the abolition of Corn Laws, food could be imported into Britain more cheaply than it could be produced within the country.
(iii) British farmers were unable to compete with imports. Vast areas of land were now left uncltivated and thousands of men and women were thrown out of work. They flocked to the cities or migrated overseas.
(iv) Increase in demand due to fall in prices and increase in income leads to mismatch between demand and supply of food grains.
(v) Many countries of the world like Russia. America and Australia and some eastern European countries started exporting food grains to Britain which gave further set back to the local producers.

(i) It was the first modern industrial was which involved industrial nations.
(ii) Machine guns, tanks, aircraft, chemical weapons ect., are used on a massive scale.
(iii) Unthinkable death and destruction.
(iv) Most of the people killed and injured were man of working age.
(v) Declined the household income.
(vi) Men were forced to join in the war.
(vii) Women slapped into undertake jobs which they were not used to.