Explain the three types of flows within international economy in exchanges.
OR
"The typical worker in the mid 19th century was not a machine operator but the traditional crafts person and labourer." Support the statement with examples.
CBSE Class X Social Science SA ( 3 marks)
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(i) Flow of Trade : Trade in goods, e.g., cloth or wheat, giving shape to a global agricultural economy where food no longer came from a nearby village or town, but from thousands of miles away.
(ii) Flow of labour : The migration of people in search of employment is called flow of labour. Nearly 50 million people emigrated from Europe to America and Australia in the 19th century. All over the world some 150 million are estimated to have left their homes, crossed oceans and vast distances over land in search of a better future.
(iii) Flow of capital investment : Investments over long distances is called flow of capital investment. Capital flowed from financial centres such as London to build railways and other buildings.
OR
(i) Technological changes occurred slowly.
(ii) Machines broke down and repair was costly.
(iii) Machines were not as effective as inventors and manufacturers claimed them to be.
(iv) There were no buyers for machines.
(v) Technology was slow to be accepted by industrialists.
(vi) Demand in market was often for goods with intricate designs and specific shapes.
(vii) Aristocrats and bourgeoisie preferred things produced by hands.
(viii) These were better finished and carefully designed.
(ii) Flow of labour : The migration of people in search of employment is called flow of labour. Nearly 50 million people emigrated from Europe to America and Australia in the 19th century. All over the world some 150 million are estimated to have left their homes, crossed oceans and vast distances over land in search of a better future.
(iii) Flow of capital investment : Investments over long distances is called flow of capital investment. Capital flowed from financial centres such as London to build railways and other buildings.
OR
(i) Technological changes occurred slowly.
(ii) Machines broke down and repair was costly.
(iii) Machines were not as effective as inventors and manufacturers claimed them to be.
(iv) There were no buyers for machines.
(v) Technology was slow to be accepted by industrialists.
(vi) Demand in market was often for goods with intricate designs and specific shapes.
(vii) Aristocrats and bourgeoisie preferred things produced by hands.
(viii) These were better finished and carefully designed.
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