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Social Science I
Chapter-4
Wealth and the World
[Link] two significant events in the 15th century launched the geographical explorations?
• The conquest of Constantinople by the Turks.
• The arrival of the Portuguese at the Guinea Coast in Africa.
[Link] countries were the first to embark on geographical expeditions?
Portugal and Spain
[Link] factors helped Europeans undertake successful expeditions?
• The building of advanced ships capable of crossing vast oceans
• The invention of the compass and other navigational tools for determining direction
• Patronage of the rulers
• Strong military power
• Extensive experience in seafaring
• Advances in cartography and astronomy
[Link] were the far reaching consequences of geographical explorations?
• The Atlantic coast emerged as the most important trade route
• Large parts of the Americas, Africa, and Asia came under European colonisation.
• Europeans monopolise the trade of pepper and other spices from Asia.
• Gold and silver were transported from South America to Europe
• Triangular trade developed between Europe, Africa, and the Americas.
• The influx of gold and silver into Europe increased the use of currency
[Link] of Mercantilism
• Mercantilism is an economic policy where nations aimed to accumulate wealth, primarily gold
and silver, through trade and other means.
• Wealth of a nation was measured by the amount of gold and silver it possessed.
• Countries competed to accumulate wealth in the form of precious metals.
• preserve a nation's wealth by reducing imports and increasing exports
• Amassing wealth from other nations.
[Link] Policies
• Colonial policies refer to the policies and strategies employed by colonial powers to extract
wealth from their colonies.
7.'It is the effective utilisation of wealth that helped in the industrialisation of England.' make
a note on the topic
• English and Dutch used joint-stock companies for colonial trade.
• Profits were reinvested into businesses.
• Reinvestment led to industrial growth in England.
• This approach contributed significantly to England's economic development.
• In contrast, Spain and Portugal spent wealth on luxuries like palaces.
[Link] were the effects of colonisation
•Slavery and the slave trade
• Wealth was extracted from the colonies and flowed into European countries
• Natives lost their economic and political rights over their own regions
• Indigenous cultures in the colonies faced destruction
• Western lifestyles and practices spread across the colonies
• Christianity was propagated in colonised regions

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[Link] does industrial capitalism differ from merchant capitalism?

Merchant Capitalism Industrial Capitalism
•Emerged due to geographical exploration and •Emerged in England using wealth gained
changes in global trade. from colonisation.
•Wealthy individuals involved in trade were •Wealth was invested in industries.
called merchant capitalists. •Profits were made by owning and running
•Focused on making profits through trade. industries.
[Link] are the major changes that took place as part of the Industrial Revolution.
• production was mechanised
• advancement in metallurgy leading to the production of better tools
• steam was used as a source of energy
• transport facilities developed
• production shifted from cottages to factories
[Link] and demerits of Industrial Revolution
Merits Demerits
•Rise of factories •Increase in production
•Exploitation of labourers •Poverty, epidemics
•New employment opportunities •Long working hours and low wages for women and
•Rise of cities and urbanisation children
•Urban life •Rise of slums
•Better living conditions •Busy and polluted cities
•Miserable life for labourers in cities
[Link] did socialism develop as a response to industrial capitalism?
• It emerged as a resistance to industrial capitalist exploitation
•Aimed at equitable distribution of goods and resources
•Advocated common ownership of the means of production
•Karl Marx and Friedrich Engels transformed it into a practical and scientific ideology
[Link] is imperialism?
Imperialism is the establishment of political control by European countries over their colonies
to secure raw materials and markets for their manufactured goods.
[Link] imperialism has transformed the economic policies of European countries.
• Industrial capitalists sought to maximise profits by increasing production while minimising wages.
• Reducing wages decreased the purchasing power of workers, making it harder to sell goods
domestically.
• This led industrialised nations to seek markets abroad.
• Colonies became both a source of raw materials and a market for European manufactured goods.
[Link] and result of First World War
"It was the first global war, lasting from 1914 to 1918, in which nearly every country participated,
either directly or indirectly."
Imperialist Rivalry
•New imperialist nations could expand by capturing territories from older imperialist powers.
•Germany's economic and industrial growth worried France and England.
•With much of Asia and Africa under British and French control, Germany aimed at Ottoman regions
and planned to construct the Berlin-Baghdad railway.
•The railway plan alarmed England, France, and Russia as a threat to their colonial interests.
•This rivalry increased tensions and hostility, contributing to the outbreak of World War I.

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Extreme Nationalism
•Extreme nationalism refers to an intense and emotional devotion to one’s country, often involving
its excessive glorification.
•This is related to racism.
•Many nations used this to claim the regions inhabited by a particular race and to justify territorial
expansion and conquest.
•Movements such as Pan-Slavism and Pan-Germanism promoting such extreme nationalist
ideologies.
Formation of Military Alliances
•Competition for colonies and extreme nationalism caused fear and mistrust in Europe.
•This led to the formation of military alliances. The two major alliances were the Triple Alliance and
the Triple Entente.
•The Triple Alliance included Germany, Austria-Hungary, and Italy.
•The Triple Entente included England, France, and Russia.
•Conflicts arose worldwide between countries of the two major alliances.
The assassination of Archduke Francis Ferdinand
•Archduke Franz Ferdinand, Crown Prince of Austria-Hungary, was assassinated at Sarajevo, the
capital of Bosnia by Serbian nationalist Gavrilo Princip.
•Austria-Hungary blamed Serbia for the assassination and declared war on Serbia on July 28, 1914.
•As allied nations aligned themselves with their sides, the conflict expanded into a World War.
Aftermath (results) of the First World War:
• millions of soldiers and civilians lost their lives
• industrial and agricultural sectors were devastated
• marked the beginning of the decline of European global domination
• freedom movements in Asia and Africa gained momentum
• formation of the League of Nations
• Italy, Germany, and Spain transitioned to totalitarian regimes
[Link] are the key features of totalitarianism:
• rejection of democracy • opposition to socialism
• supporting dictatorship • extreme nationalism
• elimination of political opponents • glorification of war and violence
[Link] the totalitarian movements come to power in Italy and Germany after World War I?
Italy Germany
• The ideology was known as Fascism in • The ideology was referred to as Nazism in Germany.
Italy. • Founder: Adolf Hitler
• Founder: Benito Mussolini. • In 1923, Hitler led a march to Berlin and was
• In 1922, Mussolini organised the March imprisoned.
on Rome, using threats and terror to seize • Initiated efforts to secure power through elections.
power. • ‘Established a militia known as the Brownshirts.
• Rose to power following the march. • Eliminate Communists, Socialists, Democrats, and
• Formed a militia called the Blackshirts. Jews.
• Banned all non-Fascist political parties • Formed the Gestapo (secret police) to gather
• Enmity towards socialists, labour, and intelligence and suppress opposition.
peasant organisations. • Hitler's aggression led to World War II
[Link] and result of Second World War
Treaty of Versailles
• The Treaty of Versailles was a peace treaty signed between Germany and the Allies after
World War I.
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• Its provisions sowed the seeds of World War II.

• Under this treaty, Germany lost its colonies and territories
• Germany was disarmed and huge war reparations were imposed
• World War II was a German revolt against the Treaty of Versailles and its architects.
The Failure of League of Nations
• The League of Nations was unable to resolve disputes and enforce international
disarmament.
• The League failed to act against Japan, Italy, and Germany's offensives.
Formation of Military Alliances
• Imperialist rivalry led to the formation of the military alliances.
• The two major alliances were the Axis Powers and the Allied Powers.
• The Axis Powers included Italy, Germany, and Japan.
• The Allied Powers included England, China and France.
• Later Soviet Union and USA became part of the allied powers
Policy of Appeasement
• The Soviet Union spread socialist ideas around the world.
• Western capitalist countries saw socialism as a threat and the Soviet Union as an enemy.
• They tolerated fascist aggression to counter socialism.
• These policies encouraged Hitler to continue his aggression.
• World War II began with Germany's invasion of Poland on September 1, 1939.
The results of the World War II
• millions lost their lives
• famines and epidemics spread throughout the world
• the European economy collapsed
• colonisation and imperialism faced setbacks
• Europe's hegemony came to an end
• the United Nations Organization was formed
• totalitarianism ended in Italy and Germany
• colonies in Asia and Africa gained independence
• the United States and the Soviet Union emerged as global powers
[Link] and contrast the economic ideologies of the United States and the Soviet Union
after World War II. What was the impact of these ideologies on the global stage?
• After World War II, the United States adopted capitalist policies, while the Soviet Union
followed socialist policies.
• Both countries were tried to spread their ideas throughout the world, resulting in a Cold War.
• Cold war ended in 1991 with the disintegration of the Soviet Union.
[Link] is Neo-Colonialism, and how did the United States practice it in newly independent
countries after World War II?
The USA funded the newly independent countries. Which was a form of exploitation and a different
kind of colonisation. This policy is known as Neo Colonialism. This new colonial policy was
implemented through finance capitalism.
[Link] how finance capitalism operates and its consequences on society and the
environment.
• Finance capitalism involves big corporations investing in various countries.
• The main aim of finance capitalism is to make huge profits.
• Common people and those in traditional occupations suffer its consequences.
• They lose access to resources they once used freely.
• Capitalists control these resources.
• Uncontrolled exploitation of resources causes environmental problems.

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