The changing world economy since 1900 — Chapter Summary
ICSE · Class 12 · History
Summary of The changing world economy since 1900 for ICSE Class 12 History. Part of the ICSE Class 12 History syllabus.
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Overview
The twentieth century changed the world economy in major ways. Britain lost its long-held industrial lead, the USA became the dominant industrial power, and the world divided into capitalist and communist blocs after 1945. At the same time, the poorer countries of Asia, Africa and Latin America rema
Key Concepts
By 1914 the USA had become
By 1914 the USA had become the world's leading industrial nation. It overtook Britain around 1900 and gained huge strength from the First and Second W
Britain had led industrial production
Britain had led industrial production in the nineteenth century, but its economy slowly declined during the twentieth century. Staying outside the Eur
After 1945 the world economy
After 1945 the world economy was divided into two blocs. The capitalist bloc favoured private enterprise and minimal state interference, while the com
The term Third World was used
The term Third World was used from the 1950s for countries that were neither part of the capitalist industrialized world nor the communist industriali
The Brandt Report divided the world
The Brandt Report divided the world into the North, meaning the developed industrial nations, and the South, meaning most Third World countries. The N
Learning Objectives
- Understand how the USA replaced Britain as the leading industrial power
- Explain the effects of the two World Wars on the world economy
- Describe the rise of the Third World idea and the North-South divide
- Identify the causes of poverty in the South and the limited success of aid
- Explain the rise of oil power and newly industrialised economies
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