The Change of Trade

By Bored
  • 5000 BCE

    Origin of trade

    Man discovers agriculture and exchanges for other goods
  • 4000 BCE

    Beginning of bartering

    The bartering system was being adopted by civilisations at the time
  • 1271

    Silk road

    Marco Polo creates a path for Europe and Asia to start trading.

  • "Favourable" balance of trade

    Exports at the time were being priced higher than imports as countries understood the importance of high exports.

  • Liberalism

    In France, the economists known as Physiocrats demanded liberty of production and trade. Characteristics:
    Opposition to excessively high customs duties.
    Negotiation of trade agreements with foreign powers.

  • Protectionism

    A protective customs policy effectively sheltered many national economies from outside competition.

  • The Great Depression

    Significant unemployment rates and high tariffs with restrictions on some imports.

  • The General Agreement on Tariffs and Trade

    The GATT was designed to encourage the reduction of tariffs among member nations (23), and thereby provide a foundation for the expansion of multilateral trade.