History of international trade
Encyclopedia
The history of international trade chronicles notable events that have affected the trade between various countries.
In the era before the rise of the nation state, the term 'international' trade cannot be literally applied, but simply means trade over long distances; the sort of movement in goods which would represent international trade in the modern world.
In the era before the rise of the nation state, the term 'international' trade cannot be literally applied, but simply means trade over long distances; the sort of movement in goods which would represent international trade in the modern world.
Chronology of events
Ancient
- Records from the 19th century BC attest to the existence of an AssyriaAssyriaAssyria was a Semitic Akkadian kingdom, extant as a nation state from the mid–23rd century BC to 608 BC centred on the Upper Tigris river, in northern Mesopotamia , that came to rule regional empires a number of times through history. It was named for its original capital, the ancient city of Assur...
n merchant colony at Kanesh in CappadociaCappadociaCappadocia is a historical region in Central Anatolia, largely in Nevşehir Province.In the time of Herodotus, the Cappadocians were reported as occupying the whole region from Mount Taurus to the vicinity of the Euxine...
.
- The domestication of camel allows Arabian nomads to control long distance trade in spices and silk from the Far East.
- The EgyptiansAncient EgyptAncient Egypt was an ancient civilization of Northeastern Africa, concentrated along the lower reaches of the Nile River in what is now the modern country of Egypt. Egyptian civilization coalesced around 3150 BC with the political unification of Upper and Lower Egypt under the first pharaoh...
trade in the Red seaRed SeaThe Red Sea is a seawater inlet of the Indian Ocean, lying between Africa and Asia. The connection to the ocean is in the south through the Bab el Mandeb strait and the Gulf of Aden. In the north, there is the Sinai Peninsula, the Gulf of Aqaba, and the Gulf of Suez...
, importing spices from the "Land of PuntLand of PuntThe Land of Punt, also called Pwenet, or Pwene by the ancient Egyptians, was a trading partner known for producing and exporting gold, aromatic resins, African blackwood, ebony, ivory, slaves and wild animals...
" and from Arabia.
- Indian goods are brought in Arabian vessels to Aden.
- The "ships of TarshishTarshishTarshish תַּרְשִׁישׁ occurs in the Hebrew Bible with several uncertain meanings:*One of the sons of Javan .* In the Bible Solomon set up a trade with Tarshish and received ivory, apes, and peacocks from Tarshish which are all native to the jungles in India. India's state bird for example is the...
", a TyrianTyrianTyrian may refer to the following:* Tyrian, an adjective for Tyre, a city in the South Governorate of Lebanon* Tyrian , an arcade-style shooter video game by Epic Megagames* Tyrian purple, a colour...
fleet equipped at Ezion Geber, make several trading voyages to the East bringing back gold, silver, ivoryIvoryIvory is a term for dentine, which constitutes the bulk of the teeth and tusks of animals, when used as a material for art or manufacturing. Ivory has been important since ancient times for making a range of items, from ivory carvings to false teeth, fans, dominoes, joint tubes, piano keys and...
and precious stones.
- Tiglath-Pileser IIITiglath-Pileser IIITiglath-Pileser III was a prominent king of Assyria in the eighth century BC and is widely regarded as the founder of the Neo-Assyrian Empire. Tiglath-Pileser III seized the Assyrian throne during a civil war and killed the royal family...
attacks GazaGazaGaza , also referred to as Gaza City, is a Palestinian city in the Gaza Strip, with a population of about 450,000, making it the largest city in the Palestinian territories.Inhabited since at least the 15th century BC,...
in order to control trade along the Incense Route.
- The Greek Ptolemaic dynastyPtolemaic dynastyThe Ptolemaic dynasty, was a Macedonian Greek royal family which ruled the Ptolemaic Empire in Egypt during the Hellenistic period. Their rule lasted for 275 years, from 305 BC to 30 BC...
exploits trading opportunities with India prior to the Roman involvement.
- The cargo from the India and Egypt trade is shipped to AdenAdenAden is a seaport city in Yemen, located by the eastern approach to the Red Sea , some 170 kilometres east of Bab-el-Mandeb. Its population is approximately 800,000. Aden's ancient, natural harbour lies in the crater of an extinct volcano which now forms a peninsula, joined to the mainland by a...
.
- The Silk RoadSilk RoadThe Silk Road or Silk Route refers to a historical network of interlinking trade routes across the Afro-Eurasian landmass that connected East, South, and Western Asia with the Mediterranean and European world, as well as parts of North and East Africa...
is established after the diplomatic travels of the Han DynastyHan DynastyThe Han Dynasty was the second imperial dynasty of China, preceded by the Qin Dynasty and succeeded by the Three Kingdoms . It was founded by the rebel leader Liu Bang, known posthumously as Emperor Gaozu of Han. It was briefly interrupted by the Xin Dynasty of the former regent Wang Mang...
Chinese envoy Zhang QianZhang QianZhang Qian was an imperial envoy to the world outside of China in the 2nd century BCE, during the time of the Han Dynasty...
to Central Asia, with Chinese goods making their way to India, PersiaParthiaParthia is a region of north-eastern Iran, best known for having been the political and cultural base of the Arsacid dynasty, rulers of the Parthian Empire....
, and the Roman EmpireRoman EmpireThe Roman Empire was the post-Republican period of the ancient Roman civilization, characterised by an autocratic form of government and large territorial holdings in Europe and around the Mediterranean....
, and vice versa.
- With the establishment of Roman Egypt, the Romans initiate trade with IndiaRoman trade with IndiaRoman trade with India through the overland caravan routes via Anatolia and Persia, though at a relative trickle compared to later times, antedated the southern trade route via the Red Sea and monsoons which started around the beginning of the Common Era following the reign of Augustus and his...
.
- The goods from the East African trade are landed at one of the three main Roman ports, Arsinoe, Berenice or Myos Hormos.
- Myos Hormos and Berencie (rose to prominence during the 1st century BCE) appear to have been important ancient trading ports.
- GerrhaGerrhaGerrha , was an ancient city of Arabia, on the west side of the Persian Gulf. More accurately, the ancient city of Gerrha has been determined to have existed near or under the present fort of Uqair. This fort is 50 miles northeast of Al-Hasa in the Eastern Province of Saudi Arabia...
controls the Incense trade routes across Arabia to the Mediterranean and exercises control over the trading of aromatics to BabylonBabylonBabylon was an Akkadian city-state of ancient Mesopotamia, the remains of which are found in present-day Al Hillah, Babil Province, Iraq, about 85 kilometers south of Baghdad...
in the 1st century BC. Additionally, it served as a port of entry for goods shipped from India to the East.
- Due to its prominent position in the incense trade, YemenYemenThe Republic of Yemen , commonly known as Yemen , is a country located in the Middle East, occupying the southwestern to southern end of the Arabian Peninsula. It is bordered by Saudi Arabia to the north, the Red Sea to the west, and Oman to the east....
attracts settlers from the fertile crescentFertile CrescentThe Fertile Crescent, nicknamed "The Cradle of Civilization" for the fact the first civilizations started there, is a crescent-shaped region containing the comparatively moist and fertile land of otherwise arid and semi-arid Western Asia. The term was first used by University of Chicago...
.
- Pre-Islamic Meccans use the old Incense Route to benefit from the heavy Roman demand for luxury goods.
- In JavaJavaJava is an island of Indonesia. With a population of 135 million , it is the world's most populous island, and one of the most densely populated regions in the world. It is home to 60% of Indonesia's population. The Indonesian capital city, Jakarta, is in west Java...
and BorneoBorneoBorneo is the third largest island in the world and is located north of Java Island, Indonesia, at the geographic centre of Maritime Southeast Asia....
, the introduction of Indian culture creates a demand for aromatics. These trading outposts later serve the Chinese and Arab markets.
- Following the demise of the incense trade Yemen takes to the export of coffee via the Red Sea port of al-Mocha.
Middle Ages
- The Abbasids use AlexandriaAlexandriaAlexandria is the second-largest city of Egypt, with a population of 4.1 million, extending about along the coast of the Mediterranean Sea in the north central part of the country; it is also the largest city lying directly on the Mediterranean coast. It is Egypt's largest seaport, serving...
, DamiettaDamiettaDamietta , also known as Damiata, or Domyat, is a port and the capital of the Damietta Governorate in Egypt. It is located at the intersection between the Mediterranean Sea and the Nile, about north of Cairo.-History:...
, AdenAdenAden is a seaport city in Yemen, located by the eastern approach to the Red Sea , some 170 kilometres east of Bab-el-Mandeb. Its population is approximately 800,000. Aden's ancient, natural harbour lies in the crater of an extinct volcano which now forms a peninsula, joined to the mainland by a...
and SirafSirafSiraf is a city in the Central District of Kangan County, Bushehr Province, Iran. At the 2006 census, its population was 3,500, in 722 families....
as entry ports to India and China.
- At the eastern terminus of the Silk RoadSilk RoadThe Silk Road or Silk Route refers to a historical network of interlinking trade routes across the Afro-Eurasian landmass that connected East, South, and Western Asia with the Mediterranean and European world, as well as parts of North and East Africa...
, the Tang DynastyTang DynastyThe Tang Dynasty was an imperial dynasty of China preceded by the Sui Dynasty and followed by the Five Dynasties and Ten Kingdoms Period. It was founded by the Li family, who seized power during the decline and collapse of the Sui Empire...
Chinese capital at Chang'anChang'anChang'an is an ancient capital of more than ten dynasties in Chinese history, today known as Xi'an. Chang'an literally means "Perpetual Peace" in Classical Chinese. During the short-lived Xin Dynasty, the city was renamed "Constant Peace" ; yet after its fall in AD 23, the old name was restored...
becomes a major metropolitan center for foreign trade, travel, and residence. This role would be assumed by KaifengKaifengKaifeng , known previously by several names , is a prefecture-level city in east-central Henan province, Central China. Nearly 5 million people live in the metropolitan area...
and HangzhouHangzhouHangzhou , formerly transliterated as Hangchow, is the capital and largest city of Zhejiang Province in Eastern China. Governed as a sub-provincial city, and as of 2010, its entire administrative division or prefecture had a registered population of 8.7 million people...
during the Song DynastySong DynastyThe Song Dynasty was a ruling dynasty in China between 960 and 1279; it succeeded the Five Dynasties and Ten Kingdoms Period, and was followed by the Yuan Dynasty. It was the first government in world history to issue banknotes or paper money, and the first Chinese government to establish a...
.
- GuangzhouGuangzhouGuangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
was China's greatest international seaport during the Tang DynastyTang DynastyThe Tang Dynasty was an imperial dynasty of China preceded by the Sui Dynasty and followed by the Five Dynasties and Ten Kingdoms Period. It was founded by the Li family, who seized power during the decline and collapse of the Sui Empire...
(618–907), but its importance was eclipsed by the international seaport of QuanzhouQuanzhouQuanzhou is a prefecture-level city in Fujian province, People's Republic of China. It borders all other prefecture-level cities in Fujian but two and faces the Taiwan Strait...
during the Song DynastySong DynastyThe Song Dynasty was a ruling dynasty in China between 960 and 1279; it succeeded the Five Dynasties and Ten Kingdoms Period, and was followed by the Yuan Dynasty. It was the first government in world history to issue banknotes or paper money, and the first Chinese government to establish a...
(960–1279).
- Merchants arriving from India in the port city of Aden pay tribute in form of muskMuskMusk is a class of aromatic substances commonly used as base notes in perfumery. They include glandular secretions from animals such as the musk deer, numerous plants emitting similar fragrances, and artificial substances with similar odors. Musk was a name originally given to a substance with a...
, camphorCamphorCamphor is a waxy, white or transparent solid with a strong, aromatic odor. It is a terpenoid with the chemical formula C10H16O. It is found in wood of the camphor laurel , a large evergreen tree found in Asia and also of Dryobalanops aromatica, a giant of the Bornean forests...
, ambergrisAmbergrisAmbergris is a solid, waxy, flammable substance of a dull gray or blackish color produced in the digestive system of and regurgitated or secreted by sperm whales....
and sandalwoodSandalwoodSandalwood is the name of a class of fragrant woods from trees in the genus Santalum. The woods are heavy, yellow, and fine-grained, and unlike many other aromatic woods they retain their fragrance for decades. As well as using the harvested and cut wood in-situ, essential oils are also extracted...
to Ibn Ziyad, the sultanSultanSultan is a title with several historical meanings. Originally, it was an Arabic language abstract noun meaning "strength", "authority", "rulership", and "dictatorship", derived from the masdar سلطة , meaning "authority" or "power". Later, it came to be used as the title of certain rulers who...
of Yemen.
- Indian exports of spices find mention in the works of Ibn Khurdadhbeh (850), al-Ghafiqi (1150), Ishak bin Imaran (907) and Al Kalkashandi (14th century).
- The Hanseatic LeagueHanseatic LeagueThe Hanseatic League was an economic alliance of trading cities and their merchant guilds that dominated trade along the coast of Northern Europe...
secures trading privileges and market rights in England for goods from the League's trading cities in 1157.
Early modern
- Due the TurkishOttoman EmpireThe Ottoman EmpireIt was usually referred to as the "Ottoman Empire", the "Turkish Empire", the "Ottoman Caliphate" or more commonly "Turkey" by its contemporaries...
hold on the LevantLevantThe Levant or ) is the geographic region and culture zone of the "eastern Mediterranean littoral between Anatolia and Egypt" . The Levant includes most of modern Lebanon, Syria, Jordan, Israel, the Palestinian territories, and sometimes parts of Turkey and Iraq, and corresponds roughly to the...
during the second half of the 15th century the traditional Spice Route shifts from the Persian GulfPersian GulfThe Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers...
to the Red Sea.
- Portuguese diplomat Pero da Covilha (1460 – after 1526) undertakes a mission to explore the trade routes of the Near East and the adjoining regions of Asia and Africa. The exploration commenced from SantarémSantarém, PortugalSantarém is a city in the Santarém Municipality in Portugal. The city itself has a population of 28,760 and the entire municipality has 64,124 inhabitants.It is the capital of Santarém District....
(1487) to BarcelonaBarcelonaBarcelona is the second largest city in Spain after Madrid, and the capital of Catalonia, with a population of 1,621,537 within its administrative limits on a land area of...
, NaplesNaplesNaples is a city in Southern Italy, situated on the country's west coast by the Gulf of Naples. Lying between two notable volcanic regions, Mount Vesuvius and the Phlegraean Fields, it is the capital of the region of Campania and of the province of Naples...
, AlexandriaAlexandriaAlexandria is the second-largest city of Egypt, with a population of 4.1 million, extending about along the coast of the Mediterranean Sea in the north central part of the country; it is also the largest city lying directly on the Mediterranean coast. It is Egypt's largest seaport, serving...
, CairoCairoCairo , is the capital of Egypt and the largest city in the Arab world and Africa, and the 16th largest metropolitan area in the world. Nicknamed "The City of a Thousand Minarets" for its preponderance of Islamic architecture, Cairo has long been a centre of the region's political and cultural life...
and ultimately to India.
- Portuguese explorer and adventurer Vasco da GamaVasco da GamaVasco da Gama, 1st Count of Vidigueira was a Portuguese explorer, one of the most successful in the Age of Discovery and the commander of the first ships to sail directly from Europe to India...
is credited with establishing another sea route from Europe to India.
- In the 1530s, the Portuguese ship spices to HormuzOrmusThe Kingdom of Ormus was a 10th to 17th century kingdom located within the Persian Gulf and extending as far as the Strait of Hormuz...
.
- Japan introduced a system of foreign trade licenses to prevent smuggling and piracyPiracyPiracy is an act of robbery or criminal violence at sea. The term can include acts committed on land, in the air, or in other major bodies of water or on a shore. It does not normally include crimes committed against persons traveling on the same vessel as the perpetrator...
in 1592.
- The first Dutch expedition left from AmsterdamAmsterdamAmsterdam is the largest city and the capital of the Netherlands. The current position of Amsterdam as capital city of the Kingdom of the Netherlands is governed by the constitution of August 24, 1815 and its successors. Amsterdam has a population of 783,364 within city limits, an urban population...
(April 1595) for South East Asia.
- A Dutch convoy sailed in 1598 and returned one year later with 600, 000 pounds of spices and other East IndiaEast IndiaEast India is a region of India consisting of the states of West Bengal, Bihar, Jharkhand, and Orissa. The states of Orissa and West Bengal share some cultural and linguistic characteristics with Bangladesh and with the state of Assam. Together with Bangladesh, West Bengal formed the...
n products.
- The Dutch East India CompanyDutch East India CompanyThe Dutch East India Company was a chartered company established in 1602, when the States-General of the Netherlands granted it a 21-year monopoly to carry out colonial activities in Asia...
is formed in 1602.
- The first English outpost in the East IndiesEast IndiesEast Indies is a term used by Europeans from the 16th century onwards to identify what is now known as Indian subcontinent or South Asia, Southeastern Asia, and the islands of Oceania, including the Malay Archipelago and the Philippines...
is established in Sumatra in 1685.
- The 17th century saw military disturbances around the OttawaOttawaOttawa is the capital of Canada, the second largest city in the Province of Ontario, and the fourth largest city in the country. The city is located on the south bank of the Ottawa River in the eastern portion of Southern Ontario...
river trade route. During the late 18th century, the French built military forts at strategic locations along the main trade routes of Canada. These forts checked the British advances, served as trading posts which included the Native AmericansIndigenous peoples of the AmericasThe indigenous peoples of the Americas are the pre-Columbian inhabitants of North and South America, their descendants and other ethnic groups who are identified with those peoples. Indigenous peoples are known in Canada as Aboriginal peoples, and in the United States as Native Americans...
in furFurFur is a synonym for hair, used more in reference to non-human animals, usually mammals; particularly those with extensives body hair coverage. The term is sometimes used to refer to the body hair of an animal as a complete coat, also known as the "pelage". Fur is also used to refer to animal...
trade and acted as communications posts.
- In 1799, The Dutch East India company, formerly the world's largest company goes bankrupt, partly due to the rise of competitive free trade.
Later modern
- Japan is served by the Portuguese from MacaoMacauMacau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
and later by the Dutch.
- By 1815, the first shipment of nutmegs from SumatraSumatraSumatra is an island in western Indonesia, westernmost of the Sunda Islands. It is the largest island entirely in Indonesia , and the sixth largest island in the world at 473,481 km2 with a population of 50,365,538...
had arrived in Europe.
- GrenadaGrenadaGrenada is an island country and Commonwealth Realm consisting of the island of Grenada and six smaller islands at the southern end of the Grenadines in the southeastern Caribbean Sea...
becomes involved in Spice Trade.
- Opium War (1840)- Britain invades China to overturn the Chinese ban on opium imports.
- Despite the late entry of AmericaUnited StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
in the spice trade merchants from Salem, MassachusettsSalem, MassachusettsSalem is a city in Essex County, Massachusetts, United States. The population was 40,407 at the 2000 census. It and Lawrence are the county seats of Essex County...
trade profitably with Sumatra during the early half of the 19th century.
- Free trade agreementCobden-Chevalier TreatyThe Cobden–Chevalier Treaty was a Free Trade treaty signed between the United Kingdom and France on 23 January, 1860. It is named after the main British and French originators of the treaty, Richard Cobden MP and Michel Chevalier.-Origins and negotiations:...
(1860) finalized between Britain and France under the presidency of Napoleon IIINapoleon III of FranceLouis-Napoléon Bonaparte was the President of the French Second Republic and as Napoleon III, the ruler of the Second French Empire. He was the nephew and heir of Napoleon I, christened as Charles Louis Napoléon Bonaparte...
, prepared by Michel ChevalierMichel ChevalierMichel Chevalier was a French engineer, statesman, economist and free market liberal.-Biography:Born in Limoges, Haute-Vienne, Chevalier studied at the École Polytechnique, obtaining an engineering degree at the Paris École des mines in 1829.In 1830, after the July Revolution, he became a...
and Richard CobdenRichard CobdenRichard Cobden was a British manufacturer and Radical and Liberal statesman, associated with John Bright in the formation of the Anti-Corn Law League as well as with the Cobden-Chevalier Treaty...
, sparks off successive agreements between other countries in Europe.
- The Japanese Meiji Restoration (1868)leads the way to Japan opening its borders and quickly industrializing through free trade. Under bilateral treaties restraint of trade imports to Japan were forbidden.
- In 1873, the Wiener Börse slump signals the start of the continental Long DepressionLong DepressionThe Long Depression was a worldwide economic crisis, felt most heavily in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. At the time, the episode was labeled the Great...
, during which support for protectionism grows.
Post war
- In 1946. the Bretton Woods systemBretton Woods systemThe Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century...
goes into effect; it had been planned since 1944 as an international economic structure to prevent further depressionsGreat DepressionThe Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
and wars. It included institutions and rules intended to prevent national trade barrierTrade barrierTrade barriers are government-induced restrictions on international trade. The barriers can take many forms, including the following:* Tariffs* Non-tariff barriers to trade** Import licenses** Export licenses** Import quotas** Subsidies...
s being erected, as the lack of free trade was considered by many to have been a principal cause of warWorld War IIWorld War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
.
- In 1947, 23 countries agree to the General Agreement on Tariffs and TradeGeneral Agreement on Tariffs and TradeThe General Agreement on Tariffs and Trade was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization . GATT was signed in 1947 and lasted until 1993, when it was replaced by the World...
to rationalize trade among the nations.
- European Economic CommunityEuropean Economic CommunityThe European Economic Community The European Economic Community (EEC) The European Economic Community (EEC) (also known as the Common Market in the English-speaking world, renamed the European Community (EC) in 1993The information in this article primarily covers the EEC's time as an independent...
is established with a common commercial policyCommercial policyA commercial policy is a governmental policy governing trade with third countries...
in 1958.
- European Free Trade AssociationEuropean Free Trade AssociationThe European Free Trade Association or EFTA is a free trade organisation between four European countries that operates parallel to, and is linked to, the European Union . EFTA was established on 3 May 1960 as a trade bloc-alternative for European states who were either unable to, or chose not to,...
is established in 1960.
- The Zangger Committee is formed in 1971 to advise on the interpretation of nuclear goods in relation to international trade and the Nuclear Non-Proliferation Treaty (NPT).
- 16 October 1973: OPECOPECOPEC is an intergovernmental organization of twelve developing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings...
raises the SaudiSaudi ArabiaThe Kingdom of Saudi Arabia , commonly known in British English as Saudi Arabia and in Arabic as as-Sa‘ūdiyyah , is the largest state in Western Asia by land area, constituting the bulk of the Arabian Peninsula, and the second-largest in the Arab World...
light crude export price, and mandate an export cut the next day, plus an EmbargoEmbargoAn embargo is the partial or complete prohibition of commerce and trade with a particular country, in order to isolate it. Embargoes are considered strong diplomatic measures imposed in an effort, by the imposing country, to elicit a given national-interest result from the country on which it is...
on oil exports to nations allied with IsraelIsraelThe State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
in the course of the Yom Kippur WarYom Kippur WarThe Yom Kippur War, Ramadan War or October War , also known as the 1973 Arab-Israeli War and the Fourth Arab-Israeli War, was fought from October 6 to 25, 1973, between Israel and a coalition of Arab states led by Egypt and Syria...
.
- The Nuclear Suppliers GroupNuclear Suppliers GroupNuclear Suppliers Group is a multinational body concerned with reducing nuclear proliferation by controlling the export and re-transfer of materials that may be applicable to nuclear weapon development and by improving safeguards and protection on existing materials.- History :It was founded in...
(NSG) was created in 1974 to moderate international trade in nuclear related goods, after the explosion of a nuclear device by a non-nuclear weapon State.
- 1 January 1994: the North American Free Trade AgreementNorth American Free Trade AgreementThe North American Free Trade Agreement or NAFTA is an agreement signed by the governments of Canada, Mexico, and the United States, creating a trilateral trade bloc in North America. The agreement came into force on January 1, 1994. It superseded the Canada – United States Free Trade Agreement...
(NAFTA) takes effect.
- 1 January 1995: World Trade OrganizationWorld Trade OrganizationThe World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
is created to facilitate free tradeFree tradeUnder a free trade policy, prices emerge from supply and demand, and are the sole determinant of resource allocation. 'Free' trade differs from other forms of trade policy where the allocation of goods and services among trading countries are determined by price strategies that may differ from...
, by mandating mutual most favored nation trading status between all signatories.
- 2002: The European Union launches the euro in cash, which instantly becomes the second most used currency in the world.
See also
- Economic history of the worldEconomic history of the worldThe Economic History Of The World is a record of the economic activities of all humans, spanning both recorded history and evidenced prehistory.-Prehistory:...
- International Economic History AssociationInternational Economic History AssociationThe International Economic History Association serves as an umbrella organization, which has been established in 1960 and unites economic historians from all over the world. Beside national economic history associations, it welcomes as member organizations also societies, which specialize in a...
- Arms trade
- China tradeChina tradeChina trade may refer to* History of trade of the People's Republic of China * Economy of the People's Republic of China* Economic history of China * Economic history of modern China...
- Industrial archaeologyIndustrial archaeologyIndustrial archaeology, like other branches of archaeology, is the study of material culture from the past, but with a focus on industry. Strictly speaking, industrial archaeology includes sites from the earliest times to the most recent...
- Fur tradeFur tradeThe fur trade is a worldwide industry dealing in the acquisition and sale of animal fur. Since the establishment of world market for in the early modern period furs of boreal, polar and cold temperate mammalian animals have been the most valued...
- Spice tradeSpice tradeCivilizations of Asia were involved in spice trade from the ancient times, and the Greco-Roman world soon followed by trading along the Incense route and the Roman-India routes...
- Triangle trade
- Trans-Saharan tradeTrans-Saharan tradeTrans-Saharan trade requires travel across the Sahara to reach sub-Saharan Africa. While existing from prehistoric times, the peak of trade extended from the 8th century until the late 16th century.- Increasing desertification and economic incentive :...
- Slave trade
- Vermeer's Hat: The Seventeenth Century and the Dawn of the Global WorldVermeer's Hat: The Seventeenth Century and the Dawn of the Global WorldVermeer's Hat: The Seventeenth Century and the Dawn of the Global World is a book by the historian Professor Timothy Brook in which he explores the roots of world trade in the 17th century, through six paintings by the Dutch Golden Age painter Johannes Vermeer...
External links
- The BBC's illustrated history of free trade
- The Cato institute says free trade has brought wealth to countries engaging in it for 500 years.
- A chronology of maritime Asian trade from 425 BC (Chinese silk trade with Greece by sea.) to 1700
- Tariffs and Subsidies – The Literal Cost of High Fructose Corn Syrup
- Dictionary of Traded Goods and Commodities: a dictionary of trade in Britain, 1550–1820. Part of British History Online, by permission of the University of Wolverhampton.