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How India's Capital was taken away by British in Colonisation.

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How India's Capital was taken away by British in Colonisation.

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Nineteenth century indenture has been described as a new system of slavery. Their living and working conditions were harsh, and there were few legal rights.

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Britain took generous loans from USA to finance the World War. Since India was an English colony, the impact of these loan debts was felt in India too. Food and other crops for the world market required capital.

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Most Indian indentured workers came from the present-day regions of dry districts of Tamil Nadu, Central India, Bihar, eastern Uttar Pradesh, and Bihar.

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In India, indentured labourers were hired under contracts. They were promised that they would return to India after working for five years in the employers plantations by the Britishers

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The British government increased taxes, interest rates, and lowered the prices of products it bought from the colony. Indirectly, but strongly, this affected the Indian economy and people. All three flows were closely interlinked and affected peoples' lives.

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Labour market flows show the movements of individuals between employment, unemployment and economic inactivity. Labours were moved as slaves from countries. In 2008, a Chinese manufacturing worker earned about one-twentieth the wage level of a U.S. manufacturing worker; a Mexican, one-sixth. That gap, however, is narrowing in part due to globalization.

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India was a hub of trade in the pre-modern world, and it exported textiles and spices in return for gold and silver from Europe. But this changed after British Domination resulting in a loss of gold and minerals.

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Many different foods such as potatoes, soya, groundnuts, maize, tomatoes, chilies and sweet potatoes came to India from the Americas after Columbus discovered it. Fine cottons produced in India were exported to Europe.

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Globalization is an Economic System associated with the free movement of goods technology, people around the world. The making of the global world has a long history of trade, migration of people in search of work, the movement of capital, etc which are explained under three flows.  We will see more about them in this padlet.

Flow of Trade

Flow of Capital

Flow of Labour

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Thomas L. Friedman divides the history of globalization into three periods:

Globalization 1.0 (1492–1800)

Globalization 2.0 (1800–2000)

Globalization 3.0 (2000–present).

Large-scale globalization began in the 1820s, and in the late 19th century and early 20th century drove a rapid expansion in the connectivity of the world's economies and cultures.

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The value of British exports to India was much higher than the value of British imports from India.

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The inflow of fine Indian cotton began to decline in Britain with the industrialisation of British cotton manufacturers and their expansion

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In this Padlet, We can know about the these three topics - Flow of Trade, Capital and Labour. These can be explained as-the trade in agricultural products, migration of labour, and financial loans to and from other nations

Flow of Trade

Flow of Capital

Flow of Labour

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Trade refers to buying and selling goods between people. Trade flows measure the balance of trade (exports and imports), This is the amount of goods that one country sells to other countries minus the amount of goods that a country buys from other countries.

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Flow of Capital refers to the movement of money through investments, business and trade. When compared to small industries, these can be investments and on a large scale, it can be the tax collected by the government. Globalization lowers the cost of capital mobility and makes the country vulnerable to capital flight.

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Labour market flows show the movements of individuals between employment, unemployment and economic inactivity. Labours were moved as slaves from countries. In 2008, a Chinese manufacturing worker earned about one-twentieth the wage level of a U.S. manufacturing worker; a Mexican, one-sixth. That gap, however, is narrowing in part due to globalization.