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Man discovers agriculture and exchanges for other goods
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The bartering system was being adopted by civilisations at the time
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Marco Polo creates a path for Europe and Asia to start trading.
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Exports at the time were being priced higher than imports as countries understood the importance of high exports.
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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. -
A protective customs policy effectively sheltered many national economies from outside competition.
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Significant unemployment rates and high tariffs with restrictions on some imports.
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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.