Trade

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Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market.

Traders generally negotiate through a medium of credit or exchange, such as money. Though some economists characterize

multilateral trade
.

In one modern view, trade exists due to specialization and the

market price between locations can benefit both locations. Different types of traders may specialize in trading different kinds of goods; for example, the spice trade and grain trade
have both historically been important in the development of a global, international economy.

A picture of a busy market in Mile 12. Lagos - Nigeria
A busy market in Mile 12. Lagos - Nigeria

retailers, industrial, commercial, institutional, or other professional business
users, or to other wholesalers and related subordinated services.

Historically, openness to

economic historians contend that current levels of trade openness are the highest they have ever been.[5][6][7]

Etymology

Trade is from

Old Saxon trada ("spoor, track"), from Proto-Germanic *tradō ("track, way"), and cognate with Old English
tredan ("to tread").

Commerce is derived from the Latin commercium, from cum "together" and merx, "merchandise."[8]

History

See also: Economic history of the world and Timeline of international trade

Prehistory

Trade originated from

history of long-distance commerce to c. 150,000 years ago.[9]

In the Mediterranean region, the earliest contact between cultures involved members of the species Homo sapiens, principally using the Danube river, at a time beginning 35,000–30,000 BP.[10][11][12][13][need quotation to verify]

Cimmerian Bosporus, present-day Taman Peninsula); on exhibit at the Hermitage Museum in Saint Petersburg

There is evidence of the exchange of obsidian and flint during the Stone Age. Trade in obsidian is believed to have taken place in New Guinea from 17,000 BCE.[15][16]

The earliest use of obsidian in the Near East dates to the Lower and Middle paleolithic.[17]

— HIH Prince Mikasa no Miya Takahito

Robert Carr Bosanquet investigated trade in the Stone Age by excavations in 1901.[18][19] The first clear archaeological evidence of trade in manufactured goods is found in south west Asia.[20][21]

Archaeological evidence of obsidian use provides data on how this material was increasingly the preferred choice rather than chert from the late Mesolithic to Neolithic, requiring exchange as deposits of obsidian are rare in the Mediterranean region.[22][23][24]

Obsidian provided the material to make cutting utensils or tools, although since other more easily obtainable materials were available, use was exclusive to the higher status of the tribe using "the rich man's flint".[25] Interestingly, Obsidian has held its value relative to flint.

Early traders traded Obsidian at distances of 900 kilometres within the Mediterranean region.[26]

Trade in the Mediterranean during the Neolithic of Europe was greatest in this material.

Melos and Lipari sources produced among the most widespread trading in the Mediterranean region as known to archaeology.[32]

The Sari-i-Sang mine in the mountains of Afghanistan was the largest source for trade of lapis lazuli.[33][34] The material was most largely traded during the Kassite period of Babylonia beginning 1595 BCE.[35][36]

Adam Smith traces the origins of commerce to the very start of

self-sufficiency, trading became a principal faculty for prehistoric people, who bartered
what they had for goods and services from each other. Anthropologists have found no evidence of barter systems that did not exist alongside systems of credit.

Ancient History

Mediterranean and Near East

The earliest evidence of writing in is deeply bound up in trade, as a system of clay tokens used for accounting – found in Upper Euphrates valley in Syria dated to the 10th millennium BCE – is one of the earliest versions of writing.

Ebla was a prominent trading center during the third millennia BCE, with a network reaching into Anatolia and north Mesopotamia.[32][37][38][39]

A map of the Silk Road trade route between Europe and Asia

Materials used for creating

emporia.[40] Along the coast of the Mediterranean, researchers have found a positive relationship between how well-connected a coastal location was and the local prevalence of archaeological sites from the Iron Age. This suggests that a location's trade potential was an important determinant of human settlements.[41]

The complaint tablet to Ea-nāṣir, dated 1750 BCE, documents the tribulations of a copper merchant at the time.

From the beginning of Greek

Mediterranean with the conquest of Egypt and the near east.[42]

In ancient Greece Hermes was the god of trade[43][44] (commerce) and weights and measures.[45] In ancient Rome, Mercurius was the god of merchants, whose festival was celebrated by traders on the 25th day of the fifth month.[46][47] The concept of free trade was an antithesis to the will and economic direction of the sovereigns of the ancient Greek states. Free trade between states was stifled by the need for strict internal controls (via taxation) to maintain security within the treasury of the sovereign, which nevertheless enabled the maintenance of a modicum of civility within the structures of functional community life.[48][49]

The fall of the Roman empire and the succeeding

Muslims of the Near East.[50]

Indo-Pacific

Main articles:
Maritime Jade Road and Maritime Silk Road
Austronesian proto-historic and historic maritime trade network in the Indian Ocean[51]

The first true maritime trade network in the Indian Ocean was by the

Maritime Jade Road was an extensive trading network connecting multiple areas in Southeast and East Asia. Its primary products were made of jade mined from Taiwan by Taiwanese indigenous peoples and processed mostly in the Philippines by indigenous Filipinos, especially in Batanes, Luzon, and Palawan. Some were also processed in Vietnam, while the peoples of Malaysia, Brunei, Singapore, Thailand, Indonesia, and Cambodia also participated in the massive trading network. The maritime road is one of the most extensive sea-based trade networks of a single geological material in the prehistoric world. It was in existence for at least 3,000 years, where its peak production was from 2000 BCE to 500 CE, older than the Silk Road in mainland Eurasia and the later Maritime Silk Road. The Maritime Jade Road began to wane during its final centuries from 500 CE until 1000 CE. The entire period of the network was a golden age for the diverse societies of the region.[52][53][54][55]

Sea-faring Southeast Asians also established trade routes with

cassia) with East Africa using catamaran and outrigger boats and sailing with the help of the Westerlies in the Indian Ocean. This trade network expanded to reach as far as Africa and the Arabian Peninsula, resulting in the Austronesian colonization of Madagascar by the first half of the first millennium AD. It continued up to historic times, later becoming the Maritime Silk Road.[51][56][57][58][59]

Mesoamerica

Tajadero or axe money used as currency in Mesoamerica. It had a fixed worth of 8,000 cacao seeds, which were also used as currency.[60]

The emergence of exchange networks in the Pre-Columbian societies of and near to Mexico are known to have occurred within recent years before and after 1500 BCE.[61]

Trade networks reached north to Oasisamerica. There is evidence of established maritime trade with the cultures of northwestern South America and the Caribbean.

Middle Ages

During the Middle Ages, commerce developed in Europe by trading luxury goods at trade fairs. Wealth became converted into movable wealth or capital. Banking systems developed where money on account was transferred across national boundaries. Hand to hand markets became a feature of town life and were regulated by town authorities.

Western Europe established a complex and expansive trade network with cargo ships being the main carrier of goods; Cogs and Hulks are two examples of such cargo ships.[62] Many ports would develop their own extensive trade networks. The English port city of Bristol traded with peoples from what is modern day Iceland, all along the western coast of France, and down to what is now Spain.[63]

A map showing the main trade routes for goods within late medieval Europe

During the Middle Ages, Central Asia was the economic center of the world.

caravan
merchants of Central Asia.

From the Middle Ages, the

Venetian Republic and the Republic of Genoa were major trade centers. They dominated trade in the Mediterranean and the Black Sea, having the monopoly between Europe and the Near East for centuries.[65][66]

From the 8th to the 11th century, the

Vikings and Varangians traded as they sailed from and to Scandinavia. Vikings sailed to Western Europe, while Varangians to Russia. The Hanseatic League was an alliance of trading cities that maintained a trade monopoly over most of Northern Europe and the Baltic
, between the 13th and 17th centuries.

The Age of Sail and the Industrial Revolution

Portuguese explorer

Calicut after sailing around the Cape of Good Hope at the southern tip of the African continent. Prior to this, the flow of spice into Europe from India was controlled by Islamic powers, especially Egypt. The spice trade was of major economic importance and helped spur the Age of Discovery in Europe. Spices brought to Europe from the Eastern world were some of the most valuable commodities for their weight, sometimes rivaling gold
.

From 1070 onward, kingdoms in West

cowrie shells which were used locally as currency.[67]

Founded in 1352, the Bengal Sultanate was a major trading nation in the world and often referred to by Europeans as the wealthiest country with which to trade.[68]

In the 16th and 17th centuries, the Portuguese gained an economic advantage in the Kingdom of Kongo due to different philosophies of trade.[67] Whereas Portuguese traders concentrated on the accumulation of capital, in Kongo spiritual meaning was attached to many objects of trade. According to economic historian Toby Green, in Kongo "giving more than receiving was a symbol of spiritual and political power and privilege."[67]

In the 16th century, the

exchange controls, and advocating the free movement of goods. Trade in the East Indies was dominated by Portugal in the 16th century, the Dutch Republic in the 17th century, and the British in the 18th century. The Spanish Empire
developed regular trade links across both the Atlantic and the Pacific Oceans.

Danzig in the 17th century, a port of the Hanseatic League

In 1776,

productive. Smith said that he considered all rationalizations of import and export
controls "dupery", which hurt the trading nation as a whole for the benefit of specific industries.

In 1799, the

bankrupt
, partly due to the rise of competitive free trade.

Berber trade with Timbuktu
, 1853

19th century

In 1817,

Principles of Political Economy and Taxation Ricardo advanced the doctrine still considered the most counterintuitive in economics
:

When an inefficient producer sends the merchandise it produces best to a country able to produce it more efficiently, both countries benefit.

The ascendancy of free trade was primarily based on national advantage in the mid 19th century. That is, the calculation made was whether it was in any particular country's self-interest to open its borders to imports.

industrialize and out-compete English exporters. Milton Friedman later continued this vein of thought, showing that in a few circumstances tariffs might be beneficial to the host country; but never for the world at large.[69]

20th century

The Great Depression was a major economic recession that ran from 1929 to the late 1930s. During this period, there was a great drop in trade and other economic indicators.

The lack of free trade was considered by many as a principal cause of the depression causing stagnation and inflation.

Bretton Woods Agreement, intended to prevent national trade barriers, to avoid depressions. It set up rules and institutions to regulate the international political economy: the International Monetary Fund and the International Bank for Reconstruction and Development (later divided into the World Bank $ Bank for International Settlements). These organizations became operational in 1946 after enough countries ratified the agreement. In 1947, 23 countries agreed to the General Agreement on Tariffs and Trade to promote free trade.[71]

The European Union became the world's largest exporter of manufactured goods and services, the biggest export market for around 80 countries.[72]

21st century

See also: Globalization

Today, trade is merely a subset within a complex system of

production cost. A system of international trade has helped to develop the world economy but, in combination with bilateral or multilateral agreements to lower tariffs or to achieve free trade, has sometimes harmed third-world markets
for local products.

Free trade

Main article: Free trade

Free trade is a policy by which a government does not discriminate against imports or exports by applying tariffs or subsidies. This policy is also known as laissez-faire policy. This kind of policy does not necessarily imply because a country will then abandon all control and taxation of imports and exports.[73]

Free trade advanced further in the late 20th century and early 2000s:

  • 1992
    labour
    .
  • January 1, 1994 the North American Free Trade Agreement (NAFTA) took effect.
  • 1994 The GATT
    Marrakech Agreement
    specified formation of the WTO.
  • January 1, 1995
    most favored nation
    trading status between all signatories.
  • EC was transformed into the European Union, which accomplished the Economic and Monetary Union (EMU) in 2002, through introducing the Euro, and creating this way a real single market between 13 member states as of January 1, 2007.
  • Central American Free Trade Agreement
    was signed; It includes the United States and the Dominican Republic.

Perspectives

Protectionism

Main article: Protectionism

Protectionism is the policy of restraining and discouraging trade between states and contrasts with the policy of free trade. This policy often takes the form of tariffs and restrictive quotas. Protectionist policies were particularly prevalent in the 1930s, between the Great Depression and the onset of World War II.

Religion

Islamic teachings encourage trading (and condemn usury or interest).[74][75]

Judeao-Christian teachings do not prohibit trade. They do prohibit fraud and dishonest measures. Historically they forbade charging interest on loans.[76][77]

Development of money

Main article: History of money
A Roman denarius

The first instances of money were objects with intrinsic value. This is called commodity money and includes any commonly available commodity that has intrinsic value; historical examples include pigs, rare seashells, whale's teeth, and (often) cattle. In medieval Iraq, bread was used as an early form of money. In the Aztec Empire, under the rule of Montezuma cocoa beans became legitimate currency.[78]

Currency was introduced as standardised money to facilitate a wider exchange of goods and services. This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years.

Numismatists have examples of coins from the earliest large-scale societies, although these were initially unmarked lumps of precious metal.[79]

Trends

Doha rounds

Main article:
Doha round

The Doha round of World Trade Organization negotiations aimed to lower

Agricultural subsidies are the most significant issue upon which agreement has been the hardest to negotiate. By contrast, there was much agreement on trade facilitation and capacity building. The Doha round began in Doha, Qatar, and negotiations were continued in: Cancún, Mexico; Geneva, Switzerland; and Paris, France, and Hong Kong.[citation needed
]

China

Beginning around 1978, the government of the

Special Economic Zones located along the South-east coast.[80]

The reforms proved spectacularly successful in terms of increased output, variety, quality, price and demand. In real terms, the economy doubled in size between 1978 and 1986, doubled again by 1994, and again by 2003. On a real per capita basis, doubling from the 1978 base took place in 1987, 1996 and 2006. By 2008, the economy was 16.7 times the size it was in 1978, and 12.1 times its previous per capita levels. International trade progressed even more rapidly, doubling on average every 4.5 years. Total two-way trade in January 1998 exceeded that for all of 1978; in the first quarter of 2009, trade exceeded the full-year 1998 level. In 2008, China's two-way trade totaled US$2.56 trillion.[81]

In 1991 China joined the Asia-Pacific Economic Cooperation group, a trade-promotion forum.[82] In 2001, it also joined the World Trade Organization.[83]

International trade

Main article: International trade
Part of a series on
World trade
Policy
Restrictions
History
Organizations
Economic integration
Issues
Lists
By country
Theory

Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing.[citation needed
]

Empirical evidence for the success of trade can be seen in the contrast between countries such as South Korea, which adopted a policy of export-oriented industrialization, and India, which historically had a more closed policy. South Korea has done much better by economic criteria than India over the past fifty years, though its success also has to do with effective state institutions.[84]

Trade sanctions

embargo, a severe form of externally imposed isolation, is a blockade of all trade by one country on another. For example, the United States has had an embargo against Cuba for over 40 years.[85] Embargoes are usually on a temporary basis. For example, Armenia put a temporary embargo on Turkish products and bans any imports from Turkey on December 31, 2020. The situation is prompted by food security concerns given Turkey's hostile attitude towards Armenia.[86]

Fair trade

The "

human right.[87]

Importing firms voluntarily adhere to fair trade standards or governments may enforce them through a combination of

slave labour to minimum price support schemes such as those for coffee in the 1980s. Non-governmental organizations also play a role in promoting fair trade standards by serving as independent monitors of compliance with labeling requirements.[88][89]
As such, it is a form of Protectionism.

See also

Notes

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Bibliography

External links

Wikiquote has quotations related to Trade.
Look up trade in Wiktionary, the free dictionary.
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