Back to the full dot-point answer
QLDModern HistoryQuick questions
Unit 1: Ideas in the modern world
Quick questions on Globalisation and late modernity (QCE Modern History Unit 1)
7short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is first wave?Show answer
Steam shipping, telegraph cables, the gold standard, and free-trade liberalism (after Britain's repeal of the Corn Laws, 1846) drove the first integration. Trade as a share of world GDP reached about $14$% by 1913. The First World War shattered it.
What is the interwar reversal?Show answer
War, the Great Depression, protectionism (Smoot-Hawley tariffs, US 1930), and competitive devaluations rolled back the first wave.
What is bretton Woods order?Show answer
Postwar institutions (IMF, World Bank, GATT) rebuilt the global trading system on rules-based foundations. The dollar pegged to gold; other currencies pegged to the dollar.
What is the Bretton Woods collapse and second wave?Show answer
Nixon ended dollar-gold convertibility (August 1971). Floating exchange rates after 1973. Trade liberalisation (the GATT Uruguay Round 1986-1994; the WTO from 1995).
What is slowdown and contestation?Show answer
The Global Financial Crisis (2008-2009). Stagnant global trade growth. Trade tensions (US-China, 2018 onward).
What is benefits?Show answer
- Falling extreme poverty: from over $40$% of world population in 1980 to about $9$% by 2018. - Falling consumer prices for tradable goods. - Knowledge transfer and innovation.
What is costs?Show answer
- Stagnant real wages for low- and middle-skill workers in advanced economies. - Concentration of wealth at the top of the global income distribution. - Environmental externalities: emissions, deforestation, biodiversity loss.
Have a question we have not covered?
This dot-point answer is short enough that we have not extracted many short questions yet. Read the full dot-point answer or ask Mo, our study assistant, in the chat for follow ups.