HISTORY - THE MAKING OF A GLOBAL WORLD (Short Q A)
Q1: What was the importance of the Indian trade for the British?
Answer: Indian trade was important for the British for the following reasons:
• Trade Surplus –
Britain had a Trade Surplus with Indian. Britain used this Surplus to balance its trade deficit with other countries.
• Home Charges –
Britain’s trade Surplus in India also helped to pay the so-called home charges that included private remittance by British officials and traders, interest payments on India’s external debt and pensions of British officials in India.
• Major Supplier of cotton –
India remained a major supplier of raw cotton to British which was required to feed the cotton textile industry in Britain.
• Supplier if indentured workers –
Many indentured workers from Bihar, U.P., central India migrated to other countries to work in mines and plantations.
Q2: How did Bretton Woods System Work?