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week 2 video guide - Cotton was in demand all through...

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INTB 3351 History of Globalization Video Study Guide The Creation of the First Global Economy Videos: Modern Marvels: The Suez Canal Modern Marvels: The Submarine Telegraph 1. How was Egypt drawn into supporting and financing the construction of the Suez Canal? Ferdinand De Lesseps befriended Muhammed Ali’s son Muhammed Sahed and when Sahed eventually became leader he needed little persuasion. When De Lesseps needed someone to buy the rest of 200,000 shares he declared to the world that the leader of Egypt had bought them though he had not. When Sahed protested, since he was a gullible person, De Lesseps easily persuaded him to borrow the money from England and purchase the rest of the shares. 2. What was the strategic importance of the Suez Canal for the First Global Economy? The canal would be a direct route to India, which at that time was very rich with cotton.
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Unformatted text preview: Cotton was in demand all through Europe and Africa. 3. What kind of effects, do you reason, the international telegraph had on international commerce? With the world being able to communicate better, orders for goods and products between countries were contracted and set into motion quicker than previous years. Terms Ferdinand De Lesseps – Constructed the Suez Canal and was the owner of the company which constructed the canal. Corvée Labor – Peasants from a region forced to work for their region. Sahed had his peasants work on the Suez Canal when De Lesseps couldn’t find labor to construct the canal. Cyrus Field – attempted many times to have a telegram wire layed from New Foundland to Ireland across the Atlantic ocean. Finally succeeded in laying two cables....
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