rade 

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.
An early form of trade, barter, saw the direct exchange of goods and services for other
goods and services,[1] i.e. trading things without the use of money.[1] Modern traders
generally negotiate through a medium of exchange, such as money. As a
result, buying can be separated from selling, or earning. The invention of money (and
letter of credit, paper money, and non-physical money) greatly simplified and promoted
trade. Trade between two traders is called bilateral trade, while trade involving more
than two traders is called multilateral trade.
In one modern view, trade exists due to specialization and the division of labour, a
predominant form of economic activity in which individuals and groups concentrate on a
small aspect of production, but use their output in trades for other products and needs.
[2]
 Trade exists between regions because different regions may have a comparative
advantage (perceived or real) in the production of some trade-able commodity—
including production of natural resources scarce or limited elsewhere. For example:
different regions' sizes may encourage mass production. In such circumstances, trade
at market prices 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.
Retail trade consists of the sale of goods or merchandise from a very fixed
location[3] (such as a department store, boutique or kiosk), online or by mail, in small or
individual lots for direct consumption or use by the purchaser.[4] Wholesale trade is traffic
in goods that are sold as merchandise to retailers, or to industrial, commercial,
institutional, or other professional business users, or to other wholesalers and related
subordinated services.
Historically, openness to free trade substantially increased in some areas from 1815 to
the outbreak of World War I in 1914. Trade openness increased again during the 1920s
but collapsed (in particular in Europe and North America) during the Great
Depression of the 1930s. Trade openness increased substantially again from the 1950s
onwards (albeit with a slowdown during the oil crisis of the 1970s). Economists
and economic historians contend that current levels of trade openness are the highest
they have ever been.[5][6][7]

Etymology[edit]
Trade is from Middle English trade ("path, course of conduct"), introduced into English
by Hanseatic merchants, from Middle Low German trade ("track, course"), 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[edit]
See also: Economic history of the world and Timeline of international trade
Prehistory[edit]
Trade originated from human communication in prehistoric times. Trading was the main
facility of prehistoric people,[citation needed] who exchanged goods and services from each other
in a gift economy before the innovation of modern-day currency. Peter Watson dates
the history of long-distance commerce from 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]
Some[who?] trace the origins of commerce to the very start
of transactions in prehistoric times. Apart from traditional self-sufficiency, trading
became a principal facility of prehistoric people, who bartered what they had for goods
and services from each other.

The caduceus, traditionally associated with Mercury (the Roman patron-god of merchants), continues in use as

a symbol of commerce.[14]

Ancient history[edit]

Ancient Etruscan "aryballoi" terracota vessels unearthed in the 1860s at Bolshaya Bliznitsa tumulus
near Phanagoria, South Russia (formerly part of the Bosporan Kingdom of Cimmerian Bosporus, present-
day Taman Peninsula); on exhibit at the Hermitage Museum in Saint Petersburg

Trade is believed to have taken place throughout much of recorded human history.
There is evidence of the exchange of obsidian and flint during the Stone Age. Trade in
obsidian is believed[by whom?] 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]
 Trade is believed[by whom?] to have first begun 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 is thought[by whom?] to have provided the material to make cutting utensils or tools,
although since other more easily obtainable materials were available, use was found[by
whom?]
 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.
[22][27]
 Networks were in existence at around 12,000 BCE[28] Anatolia was the source
primarily for trade with the Levant, Iran and Egypt according to Zarins study of 1990.[29][30]
[31]
 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]
Later trade[edit]
Mediterranean and Near East[edit]
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 jewelry were traded with Egypt since 3000 BCE. Long-range
trade routes first appeared in the 3rd millennium BCE,
when Sumerians in Mesopotamia traded with the Harappan civilization of the Indus
Valley. The Phoenicians were noted sea traders, traveling across the Mediterranean
Sea, and as far north as Britain for sources of tin to manufacture bronze. For this
purpose they established trade colonies the Greeks called 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]
From the beginning of Greek civilization until the fall of the Roman Empire in the 5th
century, a financially lucrative trade brought valuable spice to Europe from the far east,
including India and China. Roman commerce allowed its empire to flourish and endure.
The latter Roman Republic and the Pax Romana of the Roman empire produced a
stable and secure transportation network that enabled the shipment of trade goods
without fear of significant piracy, as Rome had become the sole effective sea power in
the 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 Dark Ages brought instability
to Western Europe and a near-collapse of the trade network in the western world.
Trade, however, continued to flourish among the kingdoms of Africa, the Middle East,
India, China, and Southeast Asia. Some trade did occur in the west. For
instance, Radhanites were a medieval guild or group (the precise meaning of the word
is lost to history) of Jewish merchants who traded between the Christians in Europe and
the Muslims of the Near East.[50]
Indo-Pacific[edit]
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 Austronesian
peoples of Island Southeast Asia.[51] Initiated by the animist indigenous peoples
of Taiwan and the Philippines, 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 animist Taiwanese indigenous peoples and
processed mostly in the Philippines by animist 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 animist-led trading network. Participants in the network at
the time had a majority animist population. 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 animist societies of the region.[52][53][54][55]
Sea-faring Southeast Asians also established trade routes with Southern India and Sri
Lanka as early as 1500 BC, ushering an exchange of material culture
(like catamarans, outrigger boats, sewn-plank boats, and paan)
and cultigens (like coconuts, sandalwood, bananas, and sugarcane); as well as
connecting the material cultures of India and China. Indonesians, in particular were
trading in spices (mainly cinnamon and 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[edit]

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[edit]
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.
  Many ports would develop their own extensive trade networks. The English port city
[62]

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.
[64]
 The Sogdians dominated the east–west trade route known as the Silk Road after the
4th century CE up to the 8th century CE, with Suyab and Talas ranking among their
main centers in the north. They were the main caravan merchants of Central Asia.
From the Middle Ages, the maritime republics, in particular Venice, Pisa and Genoa,
played a key role in trade along the Mediterranean. From the 11th to the late 15th
centuries, 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[edit]
Portuguese explorer Vasco da Gama pioneered the European spice trade in 1498 when
he reached 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 Africa became significant members of global
trade.[67] This came initially through the movement of gold and other resources sent out
by Muslim traders on the Trans-Saharan trading network.[67] Beginning in the 16th
century, European merchants would purchase gold, spices, cloth, timber
and slaves from West African states as part of the triangular trade.[67] This was often in
exchange for cloth, iron, or 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 Seventeen Provinces were the center of free trade, imposing
no 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, Adam Smith published the paper An Inquiry into the Nature and Causes of the
Wealth of Nations. It criticized Mercantilism, and argued that economic specialization
could benefit nations just as much as firms. Since the division of labour was restricted
by the size of the market, he said that countries having access to larger markets would
be able to divide labour more efficiently and thereby become more 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 Dutch East India Company, formerly the world's largest company,
became bankrupt, partly due to the rise of competitive free trade.
Berber trade with Timbuktu, 1853

19th century[edit]
In 1817, David Ricardo, James Mill and Robert Torrens showed that free trade would
benefit the industrially weak as well as the strong, in the famous theory of comparative
advantage. In 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.
John Stuart Mill proved that a country with monopoly pricing power on the
international market could manipulate the terms of trade through maintaining tariffs,
and that the response to this might be reciprocity in trade policy. Ricardo and others
had suggested this earlier. This was taken as evidence against the universal
doctrine of free trade, as it was believed that more of the economic surplus of trade
would accrue to a country following reciprocal, rather than completely free, trade
policies. This was followed within a few years by the infant industry scenario
developed by Mill promoting the theory that the government had the duty
to protect young industries, although only for a time necessary for them to develop
full capacity. This became the policy in many countries attempting
to 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[edit]
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.[70] Only during World War II did the
recession end in the United States. Also during the war, in 1944, 44 countries
signed the 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[edit]
See also: Globalization
Today, trade is merely a subset within a complex system of companies which try to
maximize their profits by offering products and services to the market (which
consists both of individuals and other companies) at the lowest 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[edit]
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 European Union lifted barriers to internal trade in goods and 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 World Trade Organization was created to facilitate free
trade, by mandating mutual 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.
 

Intérêts des nations de l'Europe, dévélopés relativement au commerce (1766)

2005, the Central American Free Trade Agreement was signed; It

includes the United States and the Dominican Republic.

Perspectives[edit]
Protectionism[edit]
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[edit]
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[edit]
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[edit]
Doha rounds[edit]
Main article: Doha round
The Doha round of World Trade Organization negotiations aimed to lower barriers to
trade around the world, with a focus on making trade fairer for developing countries.
Talks have been hung over a divide between the rich developed countries,
represented by the G20, and the major developing countries. 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[edit]
Beginning around 1978, the government of the People's Republic of China (PRC)
began an experiment in economic reform. In contrast to the previous Soviet-
style centrally planned economy, the new measures progressively relaxed
restrictions on farming, agricultural distribution and, several years later, urban
enterprises and labor. The more market-oriented approach reduced inefficiencies
and stimulated private investment, particularly by farmers, which led to increased
productivity and output. One feature was the establishment of four (later
five) 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[edit]
Main article: International trade

Part of a series on

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 v
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 e

International trade is the exchange of goods and services across national borders.
In most countries, it represents a significant part of GDP. While international trade
has been present throughout much of history (see Silk Road, Amber Road), its
economic, social, and political importance have increased in recent centuries,
mainly because of 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[edit]
Trade sanctions against a specific country are sometimes imposed, in order to
punish that country for some action. An 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[edit]
The "fair trade" movement, also known as the "trade justice" movement, promotes
the use of labour, environmental and social standards for the production
of commodities, particularly those exported from the Third and Second Worlds to
the First World. Such ideas have also sparked a debate on whether trade itself
should be codified as a human right.[87]
Importing firms voluntarily adhere to fair trade standards or governments may
enforce them through a combination of employment and commercial law. Proposed
and practiced fair trade policies vary widely, ranging from the common prohibition
of goods made using 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.

Notes[edit]
1. ^ Jump up to:a b Samuelson, P (1939). "The Gains from International Trade".  The
Canadian Journal of Economics and Political Science. 5  (2): 195–
205.  doi:10.2307/137133. JSTOR 137133.
2. ^ Dollar, D; Kraay, A (2004).  "Trade, Growth, and Poverty"  (PDF).  The Economic
Journal.  114  (493): F22–F49.  CiteSeerX 10.1.1.509.1584. doi:10.1111/j.0013-
0133.2004.00186.x.  S2CID 62781399. Archived from the original  (PDF) on 2004-03-07.
Retrieved 2017-10-26.
3. ^ Compare peddling and other types of retail trade:Hoffman, K. Douglas, ed.
(2005).  Marketing principles and best practices  (3  ed.). Thomson/South-Western.
p. 407.  ISBN  978-0-324-22519-8. Retrieved 2018-05-03. Five types of nonstore
retailing will be discussed: street peddling, direct selling, mail-order, automatic-
merchandising machine operators, and electronic shopping.
4. ^ "Distribution Services".  Foreign Agricultural Service. 2000-02-09. Archived from the
original on 2006-05-15. Retrieved 2006-04-04.
5. ^ Federico, Giovanni; Tena-Junguito, Antonio (2019).  "World Trade, 1800-1938: A New
Synthesis".  Revista de Historia Economica - Journal of Iberian and Latin American
Economic History. 37 (1): 9–41.  doi:10.1017/S0212610918000216.  ISSN  0212-6109.
6. ^ Federico, Giovanni; Tena-Junguito, Antonio (2018-07-28). "The World Trade Historical
Database".  VoxEU.org. Archived from the original on 2019-10-07. Retrieved  2019-10-
07.
7. ^ Bown, C. P.; Crowley, M. A. (2016-01-01), Bagwell, Kyle; Staiger, Robert W.
(eds.), "Chapter 1 - The Empirical Landscape of Trade Policy", Handbook of
Commercial Policy, North-Holland,  1: 3–
108,  doi:10.1016/bs.hescop.2016.04.015,  ISBN  9780444632807,  S2CID 204484666,  a
rchived from the original on 2021-04-21, retrieved 2019-10-07
8. ^ Chisholm, Hugh, ed. (1911). "Commerce"  .  Encyclopædia Britannica. Vol. 6
(11th ed.). Cambridge University Press. p.  766.
9. ^ Watson (2005), Introduction.
10. ^ D Abulafia; O Rackham; M Suano (2008-07-31),  The Mediterranean in History, Getty
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Bibliography[edit]
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External links[edit]

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