Question

7. A. between 1870 to 1913 economic relations between rich countries and developing countries intensified but improvements in transportation and communication didn’t help developing countries but rather served to maintain the economic development of developed countries, why, and discuss?

B. The story about the IEO reveals the role of Western expansion in the formation of the modern world economy but is subject to arguments, Discuss the contrasting perspectives about this?

Answer 1

7 A. The time period between 1870 and 1913 truly saw the intensification of economic relations between rich and developing economies but transport and communication didnt help developing countries but rather served to maintain the economic development of rich countries only. In this situation, we must understand that the then rich and already developed countries were smart and they knew that with which country they have to trade what commodities. The best example is India and The Great Britain. During that period, the quantity of goods exported from India to UK were greater than that of imported but the nature of commodities mattered. India exported raw materials and imported finished goods which led to the destruction and exploitation of indian economy while leading to flourished British economy though there were colonialisation factors but the nature of commodities mattered. Moreover, the developed economies didnt open their gates for other developing economies' industries or companies, they had out restrictions on them so that they could keep a check on their growth and development and this lead to the widening of income inequality amongst the developing and the developed countries. Moreover, the political influence could be another factor. This improvement in transport and communication has just helped the rich economies only in this globalised era is truly acceptable by many experts and thus all these reasons has just led to the widening of income inequality.