Class 10 History

Post-war Settlements

The Second World War was different than earlier wars. There were more civilian casualties in this war and many important cities were devastated beyond recognition.

The recovery after the Second World War was influenced by two important factors:

  • The emergence of the US as the dominant economic, political and military power in the west.
  • Transformation of the Soviet Union from an agrarian economy into a world power.

The world leaders met and discussed to work for post war recovery. They focused on two main objectives; which can be summarized as follows:

  • Preservation of economic stability and full employment in the industrial world.
  • Controlling the influence of the outer world on flow of capital, goods and labour.

Bretton Woods Institutions

United Nations Monetary and Financial Conference was held in July 1944 at Bretton Woods in New Hampshire, USA. The Bretton Woods Conference established the International Monetary Fund (IMF). This organization was established to deal with external surpluses and deficits of its members.

IMF and World Bank

The International Bank for Reconstruction and Development (IBRD) was set up to finance post-war reconstruction. This is popularly known as the World Bank. The IMF and World Bank are often referred to as Bretton Woods Institutions. The post-war economic system is also referred to as the Bretton Woods System.

The IMF and World Bank began their operations in 1947. Western industrial powers controlled the decision-making in these institutions. The US had an effective veto right over key decisions made by these institutions.

The Bretton Woods System was based on fixed exchange rate for currencies. The dollar was anchored to gold at a fixed price of $ 35 per ounce of gold. Other currencies were linked to dollar at fixed rates.

The Early Post-war Years

The Bretton Woods System started an era of unprecedented economic growth in the Western industrial nations and in Japan. Between 1950 and 1970, the world trade grew annually at 8% and incomes grew at nearly 5%. The unemployment rate averaged less than 5% in most of the industrialized countries during this period; which speaks about the stable nature of economic growth during this period.

Nationalism in Europe

Idea of nation states emerged during late 18th century in France. This idea then spread to rest of the Europe; followed by to the remaining part of the world.

Nationalism in Indo-China

French occupation of modern day Vietnam caused conflict between local and colonisers. The conflict culminated in partition of Vietnam; followed by US occupation of Vietnam.

Nationalism in India

Mahatma Gandhi started a novel method of satyagraha to fight the mighty British. Non-cooperation movement and Civil Disobedience movement were the key phases of his over two decades long fight to throw out the British rule from India.

Making of Global World

After the Europeans reached different parts of the world, various factors and events helped them to develop colonies in Asia, Africa and Americas. This phase was followed by World Wars resulting in dramatic changes in geopolitical scenario in the world.

Industrial Revolution

Industrial Revolution began from Europe; especially from Britain. Subsequently, industrial revolution also happened in the colonies. It caused far-reaching changes in the economy and society.

Work and Leisure

London grew from a small city to a megapolis because of industrial revolution. During this transformation, London underwent various changes in town planning, infrastructure and also on socioeconomic aspect. Bombay has more or less similar story to tell.

Print Culture and Society

Print technology came to Europe from China. Print technology transformed the way of dissemination of knowledge and information. Books became cheaper and allowed the common masses to enjoy the fruits of knowledge.

Novel Society

Novels were a new form of writing and were the product of development of print technology. Novels gave rise to a new genre of writing and to a new reading audience.