Despite years of stable and rapid growth, the USA's finances and competitive strength were weakened during the 1960s due to the rising costs of its overseas involvements.
Thus, the US Dollar no longer commanded confidence as the world's principal currency and could not maintain its value in relation to gold. This led to the collapse of the system of fixed exchange rates and the introduction of a system of floating exchange rates.
Under this system, weavers were given loans to purchase the raw material for their production and they had to hand over the finished products to the gomastha, who represented the East India Company, and not to any other trader,
The weavers' lives changed for the better, as many of them were also cultivators, which took care of their family's food requirement. They leased out the cultivation to others and became fully engaged in the weaving process.
The reasons for London attracting a large migrant population were
(i) A large number of jobs were available in London for all types of people like skilled artisans, shopkeepers, casual labourers etc.
(ii) Many major industries like clothing, footwear. furniture, metals and engineering, printing. precision products etc required workmen to work in them.
(iii) The London dockyards required a large number of dock hands. Later on, the number of large factories increased due to war efforts, further increasing employment.
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