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The changing world economy since 1900

ICSE · Class 12 · History

Quick revision notes for The changing world economy since 1900 — ICSE Class 12 History. Key concepts, formulas, and definitions for last-minute revision.

69 questions38 flashcards5 concepts

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Key Topics to Revise

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1. Shift in world industrial leadership

  • In the nineteenth century Britain led world industry and trade, but Germany and the USA caught up in the late nineteenth century.
  • By 1914 the USA was the world's leading industrial nation.
  • In 1880 Britain produced roughly twice as much coal and pig iron as the USA, but by 1900 the USA had overtaken Britain.
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2. The capitalist and communist blocs after 1945

  • After 1945 the world split into capitalist and communist blocs.
  • The capitalist bloc consisted of the USA, Canada, western Europe, Japan, Australia and New Zealand.
  • The capitalist bloc believed in private enterprise, private ownership of wealth, profit, and ideally a minimum of state interference.
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3. The Third World and the North-South divide

  • The term Third World began in the 1950s for countries that were neither part of the First World nor the Second World.
  • Most Third World countries were former colonies in Africa, Asia and Latin America.
  • By 1970 the Third World contained roughly 70 per cent of the world's population.
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4. Oil, industrialization, and a split within the Third World

  • In 1973 OPEC began charging more for oil, partly to conserve supplies.
  • The higher oil prices enriched Middle East oil-producing states, Nigeria and Libya.
  • Libya under Colonel Gaddafi became an African success story because oil profits were used for agricultural and industrial development and for a welfare state.

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Key Concepts

By 1914 the USA had becomeBritain had led industrial productionAfter 1945 the world economyThe term Third World was usedThe Brandt Report divided the world

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