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.

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.

(i) In the 19^th century, hundreds of thousands of Indians and Chinese laborers went to work on plantations in mines and in mines and in road and railways construction projects around the world.
(ii) In India, indentures laborers were hired under contracts which promises return travel to India after they had worked for five years on plantations.
(iii) Gradually in India cottage industries declined, land rents rose, land were cleared for mines and plantations. All this affected the lines of the poor. They failed to pay their rents become indebted, and were forced to migrate in search of work.
(iv) The main destinations of Indian indentured migrants were the Caribbean islands, Trinidad, Guyana, Surinam, Mauritius, Fiji and Ceylon and Malaya.
(v) Recruitment was done by agent engaged by employers and paid small commission.

(i) The economy immediately affected Indian Trade, as India's exports and imports nearly halved during 1928-1934.
(ii) Agriculture prices fell sharply, but the colonial government refused to reduce revenues.
(iii) Peasants producing for the world markets were worst hit.
(iv) Raw jute was produced, processed in the industries to make gunny bags. Its exports collapsed and prices fell by 60% peasants of Bengal fell into debt traps.
(v) Peasants used up their savings mortgaged lands and sold their precious jewellery to meet their expenses.

The causes of the Great Depression were
(i) Conditions Created by War The Great Depression was the result of war. There was an immense industrial expansion due to the increased demand of goods supplied to the army, during the period of the First World War. After the war, the demand for these goods suddenly dropped. So, there was no demand in many industries. There was also a large fall in the agricultural prices due to reduced demand.
(ii) Over Production in Agriculture Agricultural over production was another major factor responsible for the depression. This was made worse by falling agricultural prices.
As prices fell and agricultural incomes declined, the farmers tried to increase the production. They tried to bring a larger volume of produce to the market to maintain their overall income. This act pushed down the prices of farm produce further.
(iii) Shortage of Loans In the mid-1920s, many countries financed their investments through loans from the USA.
While it was often very easy to raise loans in the USA during the boom period, lenders in the USA panicked at the first sign of trouble. Countries that depend crucially on US loans, now faced an acute crisis.
(iv) Collapse of Banking System With the fall in prices and the prospect of a depression i.e. banks in the USA slashed domestic lending and some stopped bank loans, thousands of banks went bankrupt and were forced to close down. Factories closed, leading to unemployment, which further aggravated the crises. The US banking system collapsed.
(v) Large-scale Unemployment Farm could not sell their harvests, which led to businesses collapse. As a result, large scale unemployment occurred.