After the fall of British Raj Britain, India emerged as two independent states; Pakistan as a Muslim majority state and India as a Hindu majority state.
Economists termed it a take-off stage, and it will turn low-income countries into middle-income countries in the next five years.
Britain was still the centered of world commerce, with the majority of transactions conducted in British pounds.
Don't hesitate to ask a question! In 1919, Britain was forced to abandon the gold standard, which slaughter the bank accounts of international merchants who traded in pounds.