Industrial Revolution and Trade Dynamics
The Industrial Revolution brought about significant shifts in trade dynamics, as the demand for raw materials like grains, meat, and wool expanded alongside the growth of manufacturing industries. However, the monetary value of primary products declined relative to manufactured goods, leading industrialized nations to import raw materials and export value-added finished products to non-industrialized nations, perpetuating a cycle of economic dependency.
Class 12 Geography Notes Chapter 8 History of International Trade
The history of international trade spans millennia, reflecting the intricate interplay of economic, political, and social forces that have shaped global commerce. From ancient trade routes like the Silk Route to the emergence of modern trade networks, this journey has been marked by innovation, exploration, and exploitation.
Understanding the evolution of international trade offers valuable insights into the complexities and dynamics of contemporary global economies.