Goals and Processes of Global Trade
What factors might have triggered continuity and change in processes of global trade?
Global trade refers to interchange of services and goods between one country and another. This is normally conducted in the context of good trade relations between any two countries or among many countries. From time immemorial, global trade has witnessed massive growth in population and the ever-increasing cultural contact between the citizens of the countries that were involved. There has also been establishing of trade between one region and another, thus leading to the creation of ways to reduce barriers to such trade (Krugman & Obstfeld 45).
Such new inclinations led to many changes in global trade. Most regions and countries participating in trade used to become famous for certain unique products they provided, a fact that can be attributed to the ever-increasing contact and mutual experiences. The countries imported rare goods or resources that were absent on their territory while, at the same time, exported the products they had in abundance. For instance, in Egypt merchants used to trade timber in the 6th century, while Asian countries traded their spices to other nations.
Commercial networks have also been faster since global trade began. This led to multiethnic contact and increasing population, which has led to the establishment of commercial towns and cities that since their inception have served as centers of trade-related activities. In addition, this phenomenon led to an earlier establishment in commerce and agriculture, which came together with improvements and inventions in certain areas, like shipbuilding (Bowen, Hollander & Vane 23).
The long-term effect of that was establishment of routes via the sea, thus leading to long-distance trading activities between remote regions. Technological advancements and commercial changes have also been taking place, hence leading to more connections through many ports of entry, which also served as main centers for ships to anchor and transport goods (Bowen, Hollander & Vane 23).
It is these advancements that have led to massive developments in trade processes between 300 and 1300 C.E.
|Increasing Labor Minimum Wage Rates in China||The Great Recession|
- The Great Recession
- Economic Fluctuations, Unemployment, And Inflation
- Increasing Labor Minimum Wage Rates in China
- Macroeconomics: Opportunity cost