Question

explain what we mean when we say that the world shark in 1950s

see it is from making of global world ​

Answer 1

The world shrank in the 1950s because :-

1. The various countries of the world became more and more integrated with each other following the Bretton Woods programmes and policies.

2. Western countries and Japan took help from the International Bank for Reconstruction and Development as well as the International Monetary Fund to rebuild their economies. As a result, they could take active part in trade.

3. The Bretton Woods System allowed monetary cooperation among countries. It was based on a system of fixed exchange rates.

4. Soon, the developed countries did not need help from Bretton Woods twins and so, this system now looked after the interests of those developing countries that had just regained their independence.

5. The developing countries aligned together to form a New International Economic Order (NIEO) which shows us how various countries were interlinked.