People travelled in search of New lands and people.

On August 4, 1789, a body known as the National Assembly announced the end of feudalism in France. This stopped the Church from collecting taxes and most importantly, stopped the forced labor from the poor peasants. This also allowed positions in Church, government, and army to be open to all citizens of France.

The International Monetary Fund and the World Bank were both created at an international conference convened in Bretton Woods, New Hampshire, United States in July 1944. The goal of the conference was to establish a framework for economic cooperation and development that would lead to a more stable and prosperous global economy. While this goal remains central to both institutions, their work is constantly evolving in response to new economic developments and challenges.

The IMF and the World Bank commenced financial operations in 1947. Decision-making in these institutions is controlled by the Western industrial powers. The US has an effective right of veto over key IMF and World Bank decisions. 

The silk routes are a good example of vibrant pre-modern trade and cultural links between distant parts of the world. The name ‘silk routes’ points to the importance of West-bound Chinese silk cargoes along this route. Historians have identified several silk routes, over land and by sea, knitting together vast regions of Asia, and linking Asia with Europe and northern Africa. They are known to have existed since before the Christian Era and thrived almost till the fifteenth century. But Chinese pottery also travelled the same route, as did textiles and spices from India and Southeast Asia. In return, precious metals – gold and silver – flowed from Europe to Asia. 

The Great Depression was an economic slump in North America, Europe, and other industrialised areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialised Western world. Factories shut down, exports fell, farmers were badly hit and speculators withdrew their money from the market.

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in US banks. The FDIC was created by the 1933 Banking Act after the Great Depression to restore trust in the American banking system; more than one-third of banks failed in the years before the FDIC's creation, and bank runs were common.

Legends spread in seventeenth-century Europe about South America’s fabled wealth. Many expeditions set off in search of El Dorado, the fabled city of gold. 

Globalization is a boon for developing nations. The growth rate of economy is 8%. New technology has added to growth of cities, but villages are deprived of development.

Advantages of invention of refrigerated ship-
1-This reduced the shipping costs and lowered meat prices in Europe.
2-The poor in Europe could now consume a more varies diet.
3-To the earlier, monotony of Bread and potatoes many, not all could add meat, butter or egg.
4- Better living conditions promoted social peace within the country and supported for imperialism abroad.

Population growth from the late eighteenth century had increased the demand for food grains in Britain. As urban centers expanded and industry grew, the demand for agricultural products went up, pushing up food grains prices. Under pressure from landed groups, the government also restricted the import of corn. The laws allowing the government to do this were commonly known as the 'Corn Laws'.

The Bretton wood system was based on fixed exchange rates. In this system the national currencies were pegged to the dollar at a fixed exchange rate. The Bretton woods system inaugurated an era of unprecedented growth of trade and incomes for the western industrial nations.

At different moments in the period of 700-1750 new technologies made their appearance like the persian wheel in irrigation, the spinning wheel in weaving and the firearms in combat. New foods and beverages arrived in the subcontinent-potaoes, corn, chillies, tea and coffee.

Britain and France made vast additions to their overseas territories in the late nineteenth century. Belgium and Germany became new colonial power. The US also became a colonial power in the late 1890s by taking over some colonies earlier held by Spain.

Protective tariffs are taxes, duties, or other roadblocks (generally in the form of monetary fees) placed on foreign goods by a national or state government in order to protect domestic products and markets. The increased fees levied on foreign goods are generally passed on to the consumer, making the foreign goods considerably more expensive than similar goods produced within the country.

Till the year 1870s, animals were shipped live from America to Europe and then slaughtered when they arrived there. But after this a new technology introduced namely, refrigerated ships, which enabled the transport of perishable foods over long distance.

The market crash weakened the nation's banks in two ways. First, by 1929, banks had lent billions to stock speculators. Second, many banks had invested depositors' money in the stock market, hoping for high returns. When stock values collapsed, banks lost money on their investments, and speculators defaulted on their loans. Having suffered serious losses, many banks cut back drastically on loans. With less credit available, consumers and businesses were not able to borrow as much money, sending the economy into a recession. Some banks could not absorb the losses they suffered and had to close. The government did not insure bank deposits, so if a bank failed, customers, including even those who did not invest in the stock market, lost their savings. As a growing number of banks closed in 1929 and 1930, a severe crisis of confidence in the banking system further destabilized the economy. News of bank failures worried Americans. Some depositors made runs on banks, thus causing the banks to fail. A bank run takes place when many depositors decide to withdraw their money at the same time, usually out of fear that the bank will collapse. Most banks make a profit by lending money received from depositors and collecting interest on the loans. The bank keeps only a fraction of depositors' money in reserve. Usually, that reserve is enough to meet the bank's needs. If too many people withdraw their money, however, the bank will collapse. By 1932, about one in four banks in the United States had gone out of business.

Due to Industrialisation, many new industries came up, which provided jobs to thousands of people. To ensure the facilities like home to the workers of the industries many new cities grew around the industries with all the necessary and modern amenities

Precious metals, particularly silver, from mines located in presentday Peru and Mexico also enhanced Europe’s wealth and financed its trade with Asia. Legends spread in seventeenth-century Europe about South America’s fabled wealth. Many expeditions set off in search of El Dorado, the fabled city of gold.