-
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.