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Revision Notes
The changing world economy since 1900 — Revision Notes
ICSE · Class 12 · History
The changing world economy since 1900 revision notes for ICSE Class 12 History: 4 topics in quick points. Part of the ICSE Class 12 History syllabus.
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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Full NotesKey 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
Frequently Asked Questions
What are the important topics in The changing world economy since 1900 for ICSE Class 12 History?
Key topics in The changing world economy since 1900 include Shift in world industrial leadership, The capitalist and communist blocs after 1945, The Third World and the North-South divide, Oil, industrialization, and a split within the Third World. Study these first, then practise questions on each for the ICSE Class 12 board exam.
How should I revise The changing world economy since 1900 for the ICSE Class 12 board exam?
Learn the core ideas first, then work through the 69 practice questions on The changing world economy since 1900. Revise definitions regularly and use flashcards for quick recall before the exam.
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