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5000 BCE
global trade
Man finds agriculture at the end of the Neolithic (9000 BC – 4000 BC) and starts trading surplus crops. -
4000 BCE
Barter
the system of barter is where Ancient civilizations first engaged in trade through the barter of product -
201
The grand turk road
to help bridge India's eastern and western areas and to shorten the distance between India and Pakistan. -
1271
the silk route
With the establishment of the Silk Route in the far east, Marco Polo played a key role in the development of European trade. -
1492
Discovery of amerca
Christopher Columbus discovers America -
1565
North America
St Augustine, also known as Florida was first founded by the Spanish, It is inhabited by several distinct groups of people whose population percentage seems to decline following the arrival of new settlers -
Mercantilism
a form of economic nationalism that favored trade limitations as a means of enhancing a nation's power and prosperity. Including: Encouraging international trade agreements.
Encourage the import of raw materials and the export of completed items. -
tobacco plants
virginia, first founded by English settlers, began to grow tobacco in order to trade. -
Favorable” balance of trade
where an item of equal worth is traded -
Japan
Japan established a closed-door trade policy (only extremely little trade with the Dutch and Chinese was permitted). -
english navigation act
Acts of Parliament attempted to increase the British Empire's self-sufficiency by restricting colonial trade to England and lowering dependency on imports. -
liberalism
The Physiocrat economists in France demanded freedom of production and trade. including the rights to private property, individual freedom, political equality, consent of the controlled, and property rights. -
the first great trade collapse and changes in trade composition
from 1916 to 1900, world exports increased by a factor of roughly 30 percent -
The Reciprocity of charges Act
The Reciprocity of charges Act allowed for the reciprocal reduction of import charges under bilateral trade agreements with foreign countries, considerably assisting British carry trade. -
Repeal of the Corn Laws
allowed free trade -
UK on protectionism
protectionism policies are dropped which would no longer affect British imports -
protectionist policies
In order to defend their economy from international competition, many nations adopted protective customs policies, employing customs taxes as a tool to limit imports and promote domestic production. These regulations took the place of explicit import prohibitions and were thought to be necessary up to a point -
The Cobden Chevalier treaty
The Cobden-Chevalier Treaty of 1860 was the first international free trade agreement, and it established a standard for subsequent commercial relations between the UK and France. It contained provisions for the gradual lowering of French protective duties, with exceptions granted for specific items. -
French Tariffs
France enacted a tariff on British imports in 1860, with rates as high as 60% for pig iron, 40% for machinery, and 600–800% for wool blankets. By severely discouraging imports from Britain, these policies aimed to safeguard native businesses. -
Italy
Italy increases increases its tariffs -
Resurgen of protectionism
Germany led the way by enacting a systematic protectionist strategy that was later imitated by many other countries as the demand for protectionism spread throughout the Western world. Germany's "iron and rye" tariff later strengthened its protectionist attitude. -
The Mckinley Tariff
The McKinley Tariff of 1890 increased protective tariff rates by nearly 50% for American products, with sugar and coffee on the free list. Despite opposition from Democrats, the bill passed the House and Senate, leading to a 93-seat swing in the House. -
melinne tariff
a protectionist action taken in 1892 in France. The most important economic law of the Third Republic, it indicated a return to previous protectionist practices. -
regional shares of world
between 1900 to 1920,The erosion in market share, in combination with relatively anaemic levels of trade worldwide, hampered repayment of the large amount of debt accrued by European nations during the prosecution of the war. This was particularly a problem for Germany, which was saddled with reparations and which saw its 21.0% share of European exports in 1913 -
world exports
the graph shown above/below shows a lasting trauma for the global economy -
Russian Empire
between 1913 and 1923, the dissolution of the Russian empire generated an immediate 99.8% drop in exports -
real exports
Real exports from Canada and the US to Germany collapsed from $4.6 billion in that year to zero in 1918 -
first economic world conference
Twenty-nine states, including the main industrial countries, subscribed to an international convention that was the most minutely detailed and balanced multilateral trade agreement approved to date. -
protectionists
protectionists policies protect the producers, businesses, and workers of the import-competing sector in a country from foreign competitors -
the Great Depression
High unemployment rates during the Great Depression prompted an increase in protectionist policies, such as higher customs charges, import quotas, and exchange restrictions as nations sought to balance their budgets. -
Period: to
international trade
about 30% of world import and export volume in the industrialized nations decreased -
Smoot Hawley Tariff Act
US tariffs are raised on over 20,000 imported goods -
Reciprocal Trade Agreements Act
lower rates of tariffs would be extended to all major US trading partners -
IMF
The International Monetary Fund (IMF) is an organization of 190 countries that strives to alleviate poverty throughout the world, ensure financial stability, facilitate international trade, and support high employment and sustainable economic growth. -
GATT
The General Agreement on Tariffs and Trade aimed to eliminate protectionism, promote free trade among nations, and restore economic prosperity post-WWII. -
abolishing trade restrictions
The benefits of abolishing trade restrictions were illustrated by English economist Adam Smith in his book The Wealth of Nations. -
Trade, Investment, and Development Agreements
the United States and other nations a place to meet and talk about issues of mutual concern. -
9/11
The terrorist attack on Sept. 11, 2001 was marked by a sharp plunge in the stock market, causing a $1.4 trillion loss in market value. -
CETA
The Comprehensive Economic and Trade Agreement is a free trade agreement between Canada the European Union and its member states. Due to its temporary use, 98% of the previous tariffs between the two regions have been abolished. -
Covid-19
2020 saw significant trade and output reductions, similar to the Great depression, but quickly recovered, with trade continuing to grow in 2021.