The history of international trade chronicles the way that the flow of trade over long distances has shaped, and been shaped by history. This article deals with the "economic history" of international trade and the history of theoretical economics in the field of international trade. A fruit stand at a market. ... For other senses of this word, see history (disambiguation). ... Economic history is the application of economic theories to historical study. ... Buyers bargain for good prices while sellers put forth their best front in Chichicastenango Market, Guatemala. ...

In the era before the rise of the nation state, the term 'international' trade cannot be literally applied, but simply means trade over long distances; the sort of movement in goods which would represent international trade in the modern world. A nation-state is a specific form of state (a political entity), which exists to provide a sovereign territory for a particular nation (a cultural entity), and which derives its legitimacy from that function. ...

Chronology of free trade theory and practice

Pre 1500

• 1157 The Hanseatic League secures trading privileges and market rights in England for goods from the League's trading cities.
• 1498 Vasco da Gama opens up the Spice trade

Events Births September 8 - King Richard I of England (died 1199) Leopold V of Austria (died 1194) Hojo Masako, wife of Minamoto no Yoritomo (died 1225) Deaths August 21 - King Alfonso VII of Castile (born 1105) Agnes of Babenberg, daughter of Leopold III of Austria Sweyn III of Denmark Yury... Carta marina of Baltic Sea (1539). ... 1498 was a common year starting on Saturday (see link for calendar) of the Gregorian calendar. ... Vasco da Gama Vasco da Gama Vasco da Gama (IPA: /; born c. ... Spices at the central market of Agadir, Morocco in May 2005 The spice trade has been of major economic importance throughout human history and it particularly helped spur the Age of Exploration. ...

1500 - 1776

• 1500 In the sixteenth century Holland was the centre of trade and of free trade. The Netherlands imposed no exchange controls, and advocated the free movement of goods.
• 1592 Japan introduced a system of foreign trade licenses to prevent smuggling and piracy.
• 1580 Portugal's loss of independence to Spain creates a monopoly in spices from the Indies; without competition the Spanish were able to raise European prices, and shut the free-trading Dutch out of the market.
• 1602 The Dutch East India Company is formed.
• 1604 Hugo Grotius publishes Mare liberum (The Free Seas), advocating open use of the sea by maritime trade of all nations. In Britain, parliament moves in favour of free trade, but opposes the Dutchman's call for unlimited navigation rights; English and Dutch Republic traders are fierce rivals.
• 1651 Act of Navigation permits only English or originating-country ships to carry goods into England.
• 1654 After defeat in the First Anglo-Dutch War the Dutch agreed to respect the Act of Navigation in the Treaty of Westminster.
• 1685 The first British outpost in the East Indies was established in Sumatra.
• 1713 Important international trading rights are mostly assigned by monopoly contract. In the Treaty of Utrecht Britain receives the Asiento slave-trading contract, and secures the Canadian fur trade for the Hudson's Bay Company.
• 1751 Benjamin Franklin's Observations Concerning the Increase of Mankind, Peopling of Countries, &c. ([1]) argues that competition from third-country suppliers would prevent British merchants selling manufactured goods above world prices to the American colonies, in the liberal tradition of free trade. However, the same document advocates mercantile laws as "generative laws" which "strengthen a Country doubly". Mercantilism was a nationalist theory which dominated thought about the correct trade policy to adopt in eighteenth century Europe: Export as much as possible, but import the minimum to create a "favourable" trade balance.
• 1756 Richard Cantillon criticized the prevailing mercantile approach to trade which emphasised manufacturing; the Physiocrats emphasized the domestic agricultural sector.
• 1764 The Sugar Act raises a 3 pence per gallon tarrif on molasses imported from the French West Indies, to make British West Indies sugar more competitive in the American colonies. Since there is insufficient supply from the British West Indies New England merchants are forced to buy the taxed sugar from the French West Indies anyway, with the tariff acting as an unpopular means of wealth transfer to the British exchequer from consumers in the colonies.
• 1770 Turgot's Lettres sur la liberté du commerce des grains demands the end to restrictions on free trade in grain, with the claim that all parties would thereby benefit.

1500 was a common year starting on Monday (see link for calendar) of the Gregorian calendar. ... Holland is a region in the central-western part of the Netherlands. ... Foreign exchange controls are various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents or on the purchase/sale of local currency by nonresidents. ... Events January 30 - The death of Pope Innocent IX during the previous year had left the Papal throne vacant. ... The Flag of 18th Century pirate Calico Jack This article is about sea piracy; for other uses of Piracy or Pirate, see Pirate (disambiguation). ... Events March 1 - Michel de Montaigne signs the preface to his most significant work, Essays. ... Europe is conventionally considered one of the seven continents of Earth which, in this case, is more a cultural and political distinction than a physiographic one, leading to some dispute as to Europes actual borders. ... This page is about the year. ... Dutch colonial possessions, with the Dutch East India Company possessions marked in a paler green, surrounding the Indian Ocean plus Saint Helena in the mid-Atlantic. ... Events January 14 – Hampton Court conference with James I of England, the Anglican bishops and representatives of Puritans September 20 – Capture of Ostend by Spanish forces under Ambrosio Spinola after a three year siege. ... Hugo Grotius Hugo Grotius (Huig de Groot, or Hugo de Groot; Delft, 10th April 1583 - Rostock, 28th August 1645) worked as a jurist in the United Provinces (now the Netherlands) and laid the foundations for international law, based on natural law. ... Insert non-formatted text hereInsert non-formatted text here:This article is about the legislative institution. ... Royal motto (French): Dieu et mon droit (Translated: God and my right) Englands location (dark green) within the British Isles Languages English (de facto) Capital London de facto Largest city London Area – Total Ranked 1st UK 130,395 km² Population – Total (mid-2004) – Total (2001 Census) – Density Ranked 1st... Map of Dutch Republic by Joannes Janssonius The Republic of the Seven United Netherlands (Republiek der Zeven Verenigde Nederlanden/Provinciën; also Dutch Republic or United Provinces in short) was a European republic between 1581 and 1795, which is now known as the Netherlands. ... // Events January 1 - Charles II crowned King of Scotland in Scone. ... The English Navigation Acts were a series of laws which, beginning in 1651, restricted foreign shipping. ... Events April 5 - Signing of the Treaty of Westminster, ending the First Anglo-Dutch War. ... The Battle of Scheveningen, 10 August 1653 by Jan Abrahamsz Beerstraaten, painted c. ... Treaty of Westminster is the title of several treaties, including: Treaty of Westminster (1153) Treaty of Westminster (1461) Treaty of Westminster (1511) Treaty of Westminster (1654); ending the First Anglo-Dutch War Treaty of Westminster (1674); ending the Third Anglo-Dutch War Treaty of Westminster (1755) The Statute of Westminster... Events February 6 - James Stuart, Duke of York becomes King James II of England and Ireland and King James VII of Scotland. ... The Indies, on the display globe of the Field Museum, Chicago The Indies or East Indies (or East India) is a term used to describe lands of South and South-East Asia, occupying all of the former British India, the present Indian Union, Pakistan, Bangladesh, Myanmar, Sri Lanka, Maldives, and... // Events April 11 - War of the Spanish Succession: Treaty of Utrecht June 23 - French residents of Acadia given one year to declare allegiance to Britain or leave Nova Scotia Canada first Orrery built by George Graham Ongoing events Great Northern War (1700-1721) War of the Spanish Succession (1702-1713... The Treaty of Utrecht was a series of peace treaties signed in Utrecht in 1713 that helped end the War of the Spanish Succession (Queen Annes War) By its provisions, Louis XIVs grandson Philip V of Spain was recognized as King of Spain, but Spains European empire... Asiento (or Assiento) is the name of the permit given by the Spanish government to other countries to sell slaves to the Spanish colonies. ... // Indian trade The fur trade (also called the Indian trade) was a huge part of the early history of contact in North America between European-Americans and American Indians (now often called Native Americans in the United States and First Nations in Canada). ... The Hudsons Bay Company (HBC. TSX: HBC) is the oldest commercial corporation in North America and is one of the oldest in the world. ... Events Adam Smith is appointed professor of logic at the University of Glasgow March 25 - For the last time, New Years Day is legally on March 25 in England and Wales. ... Benjamin Franklin by Jean-Baptiste Greuze 1777 Benjamin Franklin (January 17 [O.S. January 6] 1706 – April 17, 1790) was one of the most prominent of the Founders and early political figures and statesmen of the United States. ... In politics and in history, a colony is a territory under the immediate political control of a geographically-distant state. ... This is an (partial) overview of individuals that contributed to the development of liberal theory on a worldwide scale and therefore are strongly associated with the liberal tradition and instrumental in the exposition of political liberalism as a philosophy. ... Mercantilism is the economic theory that a nations prosperity depended upon its supply of gold and silver, that the total volume of trade is unchangeable. ... A painting of a French seaport from 1638, at the height of mercantilism. ... Balance of trade figures are the sum of the money gained by a given economy by selling exports, minus the cost of buying imports. ... 1756 was a leap year starting on Thursday (see link for calendar). ... Richard Cantillon (1680-1734) was an important figure in the Physiocrat school of economics, and was influential for the development of the classical economists. ... The Physiocrats were a group of economists who believed that the wealth of nations was derived solely from agriculture. ... 1764 was a leap year starting on Sunday (see link for calendar). ... Passed on April 5, 1764, the Sugar Act (short title 4 Geo. ... Above: A variety of coins considered to be lower-value, including an Irish 2p piece and many US pennies. ... The gallon (abbr. ... Molasses or treacle is a thick, syrupy derivative of the juice of the sugarcane plant or the processing of sugar beet. ... The British West Indies are those islands in the Caribbean that are or were British colonies. ... The states of New England are Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. ... A tax (also known as a dutyor Zakat in islamic economics) is a charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e. ... The French West Indies entails both Guadeloupe and Martinique. ... 1770 was a common year starting on Monday (see link for calendar). ... Anne-Robert-Jacques Turgot, Baron de Laune, often referred to as Turgot (May 10, 1727 – March 18, 1781), was a French statesman and economist. ... Cereal crops are mostly grasses cultivated for their edible seeds (actually a fruit called a caryopsis). ...

1776 - 1841

• 1776: An Inquiry into the Nature and Causes of the Wealth of Nations, questioned the wisdom of Mercantilism. Adam Smith argued that economic specialization could benefit nations just as much as firms. Since the division of labour was restricted by the size of the market, he said that countries having access to the largest markets would be able to divide labour more efficiently and thereby become more productive. Smith was later to say that he considered all rationalizations of import and export controls "dupery", which hurt the trading nation at the expense of specific industries.
• 1799 The Dutch East India company, formerly the world's largest company goes bankrupt, partly due to the rise of competitive free trade.
• 1815 The British Corn Laws are introduced, preventing grain imports.
• 1816 In line with isolationist opinion, the U.S. Congress extended its 1789 tariff to manufactured goods. The intention of limiting free trade was to help local industries compete with the products of industrial England.
• 1817: James Mill, Robert Torrens, and especially David Ricardo showed that free trade might benefit the industrially weak as well as the strong, in the famous theory of comparative advantage. In Principles of Political Economy Ricardo advanced the doctrine still considered the most counterintuitive in economics:

Both countries benefit when a totally inefficient producer sends the merchandise it produces least badly to a country able to produce it more efficiently at home.

• 1818 The majority of European intellectual opinion is persuaded by Ricardo's argument.
• 1828 The "Tariff of Abominations" is signed into U.S law with the express intention of raising the domestic price of British manufactured goods. This was in the interests of Northern producers, but was unpopular in the South, especially because England reduced agricultural imports in response.
• 1832 The U.S. starts to lower tariffs, but not enough to avoid the Nullification Crisis; South Carolina felt that the tariffs of 1828 and 1832 were against its vital economic interests and tried to pass the Ordinance of Nullification, declaring both federal tariffs null and void within state borders.
• 1833 The U.S. tariff issue is defused by a protectionist, Henry Clay, who promotes a staged reduction of tariffs down to the levels of 1816.
• 1840 Opium War - Britain invades China to overturn the Chinese bar on opium imports (Britain was shipping a ton of opium per day from India into Chinese ports). The British case was argued in Ricardian terms against the import barriers the Chinese wished to impose; parliament argued that the trade in opium should not be restrained.
• 1841 Friedrich List's Das Nationale System der Politischen Okonomie disputed the equivalence between individuals and countries in the conduct of trade. Within a country the ideal economic system would be the free market, but the importance of developing national productive power made free trade between nations a danger for a country specializing in agriculture. He said that such a country would stagnate and never reach an industrial stage of development. He compared a period of protectionism for an industrially weak nation to a period of education for an individual; costly in the short term, but paying off in time. He acknowledged the immediate economic advantages of free trade, and advocated returning to this policy as soon as the 'industrial education' of Germany was complete.

This article is about the year 1776. ... An Inquiry into the Nature and Causes of the Wealth of Nations is the magnum opus of Adam Smith, published in 1776. ... Adam Smith, FRSE (baptised June 5, 1723 – July 17, 1790) was a Scottish political economist and moral philosopher. ... Economics (deriving from the Greek words οίκω [okos], house, and νέμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ... Specialization is an important way to generate propositional knowledge, by applying general knowledge, such as the theory of gravity, to specific instances, such as when I release this apple, it will fall to the floor. Specialization is the opposite of generalization. ... Division of labour is generally speaking the specialisation of co-operative labour in specific, circumscribed tasks and roles, intended to increase efficiency of output. ... 1799 was a common year starting on Tuesday (see link for calendar). ... Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their creditors. ... The Battle of New Orleans 1815 was a common year starting on Sunday (see link for calendar). ... The Corn Laws, in force between 1815 and 1846, were import tariffs ostensibly designed to protect British farmers and landowners against competition from cheap foreign grain imports. ... 1816 was a leap year starting on Monday (see link for calendar). ... Motto: E pluribus unum (1789 to 1956) (Latin: Out of Many, One) In God We Trust (1956 to present) Anthem: The Star-Spangled Banner Capital Washington, D.C. Largest city New York City Official language(s) None at federal level; English de facto Government • President • Vice President Federal republic George... A congress is a gathering of people, especially a gathering for a political purpose. ... 1789 was a common year starting on Thursday (see link for calendar). ... Royal motto (French): Dieu et mon droit (Translated: God and my right) Englands location (dark green) within the British Isles Languages English (de facto) Capital London de facto Largest city London Area – Total Ranked 1st UK 130,395 km² Population – Total (mid-2004) – Total (2001 Census) – Density Ranked 1st... 1817 was a common year starting on Wednesday (see link for calendar). ... James Mill James Mill (April 6, 1773 - June 23, 1836), Scottish historian, economist and philosopher, was born at Northwater Bridge, in the parish of Logie-Pert, Angus, Scotland, the son of James Mill, a shoemaker. ... Sir Robert Richard Torrens (1814 – 1884) was an Australian politician and one of the earliest Premiers of South Australia. ... {{Infobox_Biography subject_name = David Ricardo | image_name = David_ricardo. ... In economics, the theory of comparative advantage explains why it can be beneficial for two countries to trade, even though one of them may be able to produce every kind of item more cheaply than the other. ... Buyers bargain for good prices while sellers put forth their best front in Chichicastenango Market, Guatemala. ... 1818 (MDCCCXVIII) is a common year starting on Thursday of the Gregorian calendar or a common year starting on Saturday of the 12-day slower Julian calendar. ... 1828 was a leap year starting on Tuesday (see link for calendar). ... The Tariff of 1828, also known as the Tariff of Abominations, was a protective tariff passed by the U.S. Congress in 1828. ... 1832 was a leap year starting on Sunday (see link for calendar). ... In the United States, the Nullification Crisis (The states-rights doctrine that a state can refuse to recognize or to enforce a federal law passed by the United States Congress) was a sectional crisis during the presidency of Andrew Jackson over the issue of protective tariffs. ... Official language(s) English Capital Columbia Largest city Columbia Area  - Total  - Width  - Length  - % water  - Latitude  - Longitude Ranked 40th 82,965 km² 320 km 420 km 6 32°430N to 35°12N 78°030W to 83°20W Population  - Total (2000)  - Density Ranked 26th 4,012... The Ordinance of Nullification declared the tariff of 1828 and 1832 null and void within the state borders of South Carolina. ... 1833 was a common year starting on Tuesday (see link for calendar). ... Henry Clay Henry Clay (April 12, 1777 in Hanover County, Virginia, USA – June 29, 1852 in Washington, D.C.) was a leading American statesman and orator who served in both the House of Representatives and Senate. ... 1840 is a leap year starting on Wednesday (link will take you to calendar). ... There were two Opium Wars between Britain and China. ... Opium is a narcotic analgesic drug which is obtained from the unripe seed pods of the opium poppy (Papaver somniferum L. or the synonym paeoniflorum). ... take you to calendar). ... Friedrich List (August 6, 1789 - November 30, 1846), German economist, was born at Reutlingen, Württemberg. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Protectionism is the economic policy of restraining trade between jurisdictions, through methods such as high tariffs on imported goods, restrictive quotas, and anti-dumping measures, in an attempt to protect producers in a particular locale from competition. ...

1842 - 1889

• 1842 first opium war ends.
• 1844 The ascendancy of free trade was primarily based on national advantage. That is, the calculation made was whether it was in any particular country's self-interest to open its borders to imports. Ricardo and others had shown that it might well be, but John Stuart Mill proved that a country with monopoly pricing power on the international market could manipulate the terms of trade through maintaining tariffs, and that the response to this might be reciprocity in trade policy. This was taken as evidence against the universal doctrine of free trade, as it was believed that more of the economic surplus of trade would accrue to a country following reciprocal, rather than completely free, trade policies.
• 16 May 1846 - Repeal of the Corn Laws passed by the house of commons.
• 1848 The infant industry scenario developed by J.S. Mill anticipated New Trade Theory by promoting the theory that government had the "duty" to protect young industries, although only for such a time as would be necessary for them to develop full capacity. This theory became policy in many countries, these nations attempting to industrialize and out-compete English exporters.
• 1868 The Japanese Meiji Restoration lead the way to Japan opening its borders and quickly industrializing through free trade. Under bilateral treaties restraint of trade imports to Japan were forbidden.
• 1873 The Wiener Börse slump signals the start of the continental Long Depression, during which support for protectionism grows.
• 1879 Influenced by List's nationalist argument for industrial protect Biskmark abandons the German free trade policy, enacting tariffs over he objections of his National Liberal Party allies.
• 1888 Benjamin Harrison wins the U.S. presidency on a protectionist ticket.

1842 was a common year starting on Saturday (see link for calendar). ... 1844 was a leap year starting on Monday (see link for calendar). ... John Stuart Mill (May 20, 1806 – May 8, 1873), an English philosopher and political economist, was an influential classical liberal thinker of the 19th century. ... In economics, a monopoly (from the Greek monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a kind of product or service. ... A tariff is a tax on imported goods. ... This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... The term surplus is used in economics for several related quantities. ... May 16 is the 136th day of the year in the Gregorian Calendar (137th in leap years). ... 1846 was a common year starting on Thursday (see link for calendar). ... The Corn Laws, in force between 1815 and 1846, were import tariffs ostensibly designed to protect British farmers and landowners against competition from cheap foreign grain imports. ... British House of Commons Canadian House of Commons In some bicameral parliaments of a Westminster System, the House of Commons has historically been the name of the elected lower house. ... 1848 is a leap year starting on Saturday of the Gregorian calendar. ... The infant industry argument is an economic reason for protectionism. ... John Stuart Mill (May 20, 1806 – May 8, 1873), an English philosopher and political economist, was an influential classical liberal thinker of the 19th century. ... New Trade Theory (NTT) is the economic critique of international free trade from the perspective of increasing returns to scale and the network effect. ... Protectionism is the economic policy of restraining trade between jurisdictions, through methods such as high tariffs on imported goods, restrictive quotas, and anti-dumping measures, in an attempt to protect producers in a particular locale from competition. ... Royal motto (French): Dieu et mon droit (Translated: God and my right) Englands location (dark green) within the British Isles Languages English (de facto) Capital London de facto Largest city London Area – Total Ranked 1st UK 130,395 km² Population – Total (mid-2004) – Total (2001 Census) – Density Ranked 1st... 1868 (MDCCCLXVIII) was a leap year starting on Wednesday (see link for calendar) of the Gregorian calendar or a leap year starting on Friday of the 12-day-slower Julian calendar. ... 1873 was a common year starting on Wednesday (see link for calaber). ... The Long Depression was a economic depression that affected much of the world from the early 1870s until the mid-1890s. ... 1879 (MDCCCLXXIX) was a common year starting on Wednesday (see link for calendar). ... Friedrich List (August 6, 1789 - November 30, 1846), German economist, was born at Reutlingen, Württemberg. ... Nationalism is an ideology that creates and sustains a nation as a concept of a common identity for groups of humans. ... For alternative meanings: See Bismarck (disambiguation). ... The National Liberal Party may be: National Liberal Party (Bermuda) - a Bermudian party National Liberal Party (Germany) - a former German party National Liberal Party (Lebanon) - a Lebanese party National Liberal Party (Panama) - a Panamanian party National Liberal Party (Romania) - a Romanian party National Liberal Party (UK) - a former United Kingdom... 1888 (MDCCCLXXXVIII) is a leap year starting on Sunday (click on link for calendar) of the Gregorian calendar or a leap year starting on Tuesday of the Julian calendar. ... Benjamin Harrison VI (August 20, 1833 – March 13, 1901) was the 23rd President of the United States. ... Motto: E pluribus unum (1789 to 1956) (Latin: Out of Many, One) In God We Trust (1956 to present) Anthem: The Star-Spangled Banner Capital Washington, D.C. Largest city New York City Official language(s) None at federal level; English de facto Government • President • Vice President Federal republic George...

1889 - 1945

• 1890 William McKinley argued that the revenues generated from the current tariff levels were too high; by raising import barriers it was said that imports would drop sufficiently to lower tariff income, reducing the dangerously high treasury surplus ([2]). President Harrison tried to make the tariff more acceptable by writing in reciprocity provisions, and through direct payments to domestic sugar producers rather than tarrifs on sugar imports. The McKinley tariff sets U.S. rates to 50%, and was widely blamed for substantial consumer price inflation.
• 1897 In the Dingley Tariff, U.S. import duty is raised to a 46.5% average.
• 1904 George Reid, leader of the Australian Free Trade Party becomes Prime Minister, and with the support of parliament abolishes protective tariffs, against the opposition of the Protectionist Party.
• 1909 Payne-Aldrich tariff
• 1930 The most famous trade restriction in history was passed in the wake of the Stock Market Crash of 1929: the Smoot-Hawley Tariff Act roughly doubled the U.S. tariff levels from those set in 1913.
• 1933 Bertil Ohlin publishes Interregional and International Trade, giving conditions under which a comparative advantage can exist despite identical technologies internationally (the Heckscher-Ohlin model).
• 1945 MITI is given powers to control imports to post war Japan, in the hopes of helping reconstruction.

1890 (MDCCCXC) was a common year starting on Wednesday (see link for calendar) of the Gregorian calendar (or a common year starting on Friday of the Julian calendar). ... The name Mckinley redirects here. ... Surplus means the quantity left over, after conducting an activity; the quantity which has not been used up, and can refer to: budget surplus, the opposite of a budget deficit economic surplus Surplus product or surplus value in Marxian economics physical surplus in the economic theory of Piero Sraffa Operating... Benjamin Harrison VI (August 20, 1833 – March 13, 1901) was the 23rd President of the United States. ... Magnified view of refined sugar crystals. ... The McKinley Tariff of 1890 was what set the average ad valorem tariff rate for imports to the United States at 48. ... 1897 (MDCCCXCVII) was a common year starting on Friday (see link for calendar). ... The Dingley Act of 1897, introduced by U.S. Representative Nelson Dingley, Jr. ... 1904 (MCMIV) was a leap year starting on a Friday (link will take you to calendar). ... George Houstoun Reid (25 February 1845–12 September 1918), Australian politician and fourth Prime Minister of Australia, was born in Johnstone, Renfrewshire, Scotland, son of a Church of Scotland minister, migrated to Victoria with his family as a child. ... The Free Trade Party was a political party in Australia from the 1880s until 1909. ... Sir Robert Walpole, the first Prime Minister of the United Kingdom. ... Parliament House Canberra: The main entrance and the flag The Parliament of Australia is the legislative branch of Australia. ... The Protectionist Party was a political party in Australia from the 1880s until 1909. ... 1909 (MCMIX) was a common year starting on Friday (see link for calendar). ... The Payne-Aldrich tariff of 1909 reduced the United States tariff rate to 37%. It was very effective. ... 1930 (MCMXXX) is a common year starting on Wednesday. ... The 1929 stock market crash devastated economies worldwide The Wall Street Crash refers to the stock market crash that occurred on October 29, 1929, when share prices on the New York Stock Exchange collapsed, leading eventually to the Great Depression. ... The Hawley-Smoot or Smoot-Hawley Tariff Act raised US tariffs on over 20,000 imported goods to record levels, and, in the opinion of many economists, protracted or even initiated the Great Depression. ... 1913 (MCMXIII) was a common year starting on Wednesday. ... 1933 (MCMXXXIII) was a common year starting on Sunday (link will take you to calendar). ... Bertil Ohlin (April 23, 1899 – August 3, 1979), was a Swedish economist and winner of the 1977 Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. ... In economics, the theory of comparative advantage explains why it can be beneficial for two countries to trade, even though one of them may be able to produce every kind of item more cheaply than the other. ... The Heckscher-Ohlin model (H-O model) is a general equilibrium mathematical model of international trade, developed by Eli Heckscher and Bertil Ohlin at the Stockholm School of Economics. ... 1945 (MCMXLV) was a common year starting on Monday (the link is to a full 1945 calendar). ... The Ministry of International Trade and Industry (通商産業省 Tsūsho-sangyō-shō or MITI) was the single most powerful agency in the Japanese government during the 1950s and 1960s. ...

1946 - 1995

• 1946 The Bretton Woods system goes into effect; it had been planned since 1944 as an international economic structure to prevent further depressions and wars. It included institutions and rules intended to prevent national trade barriers being erected, as the lack of free trade was considered by many to have been a principal cause of the war.
• 1947 23 countries agree to the General Agreement on Tariffs and Trade to rationalize trade among the nations. Low tariffs are beneficial to the economies of the nations in that it encourages imports, increases government revenues and gives local industries some motivation to improve their efficiency. High tariffs discourage trade between the nations, reduces or eliminates government revenues from this sector of taxation, and gives more monopoly power to local industry. So low tariffs are beneficial to the world economy but not free trade. Free trade does not necessarily mean increased trade among the nations. Nations who cannot compete in the world market will have their standard of living reduced and this reduction in their standard of living will reduce world trade. Free trade does not enable governments to earn taxes from this sector. Free trade transfers monopoly power from local industry to foreign companies and the job of government regulating the economy for the common benefit of everybody will be lost. Foreign companies cannot be regulated by government because they are aliens to a local economy.
• 1948 Ludwig Erhard's trade liberalization is credited by some with making Germany quickly competitive in industrial production after the damage of the second world war.
• 1948 The International Trade Organization's charter is agreed at the UN Havana conference on Trade and Employment, but blocked in the U.S. Senate.
• 1951 The European Coal and Steel Community, forerunner of the European Union, creates a free trade area for certain raw materials inside Europe.
• 1959 Oxfam opens the first Worldshop, retailing foreign goods under fair trade principles.
• 1960 European Free Trade Association established.
• 1971 Without accepting the doctrines of free trade the, "Comprehensive Program for Socialist Economic Integration" moved the Comecon countries to world prices in calculating the value of intra-Comecon trade. The free market price was observed for five years and the mean of these prices used to give the relative value of the imports and exports between communist countries in the trading group over the following five years.
• October 16, 1973: OPEC raises the Saudi light crude export price, and mandate an export cut the next day, plus an Embargo on oil exports to nations allied with Israel in the course of the Yom Kippur War. The cartel's apparent ability to manipulate prices by restricting supply was taken by many oil importers as an example of the "reciprocity" violation of free trade advanced by John Stuart Mill in 1848. See: A detailed chronology of the embargo, and Fuel price chronology from NPR.
• 1974 The oil price shock was felt around the world, because production reductions increased the international price even on the open market (to countries outside the OPEC embargo). Some oil importing countries respond with the rationing of oil consumption.
• 1975 Inter-Comecon trade tied even more closely to the "world price" dictated by free trade.
• 1988 Solidaridad launches "Fair trade" labeling with the sale of Mexican coffee which was certified to meet ethical standards of sustainable development. This and other initiatives promoted the idea that some trade between regions could be socially beneficial (outside of the economic elites). The movement is especially active in campaigning to remove agricultural subsidies in the developed world (which some see as campaigning for free trade).
• 1992 European Union lifts barriers to internal trade in goods and labour.
• January 1, 1994 NAFTA takes effect
• 1994 The GATT Marrakech Agreement specifies formation of the WTO.
• January 1, 1995 World Trade Organization is created to facilitate free trade, by mandating mutual most favoured nation trading status between all signatories.

For the World Trade Organization Chronology of Free Trade see: WTO 1986 - 2005. 1946 (MCMXLVI) was a common year starting on Tuesday. ... Wikipedia does not have an article with this exact name. ... 1944 (MCMXLIV) was a leap year starting on Saturday (the link is to a full 1944 calendar). ... Dorothea Langes Migrant Mother depicts destitute pea pickers in California, centering on Florence Owens Thompson, a mother of seven children, age 32, in Nipomo, California, March 1936. ... A trade barrier is general term that describes any government policy or regulation that restricts international trade, the barriers can take many forms, including: Import duties Import licenses Export licenses Quotas Tariffs Subsidies Non-tariff barriers to trade Most trade barriers work on the same principle: the imposition of some... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km into the air. ... 1947 (MCMXLVII) was a common year starting on Wednesday (the link is to a full 1947 calendar). ... General Agreement on Tariffs and Trade (typically abbreviated GATT) functioned as the precursor to the World Trade Organization trading system. ... 1948 (MCMXLVIII) was a leap year starting on Thursday (the link is to a full 1948 calendar). ... Ludwig Erhard (February 4, 1897–May 5, 1977) was a German politician (CDU) and Chancellor of Germany from 1963 until 1966. ... Mushroom cloud from the nuclear explosion over Nagasaki rising 18 km into the air. ... 1948 (MCMXLVIII) was a leap year starting on Thursday (the link is to a full 1948 calendar). ... WTO is the onlt international trade organization. ... This article is about the United Nations, for other uses of UN see UN (disambiguation) Official languages English, French, Spanish, Russian, Chinese, Arabic Secretary-General Kofi Annan (since 1997) Established October 24, 1945 Member states 191 Headquarters New York City, NY, USA Official site http://www. ... Aerial view of Havana Havana (Spanish in full: San Cristóbal de La Habana, usually shortened to just La Habana; UN/LOCODE: CU HAV) is the capital of Cuba and, with a population of 2. ... The United States Senate is the upper house of the U.S. Congress, smaller than the United States House of Representatives. ... 1951 (MCMLI) was a common year starting on Monday; see its calendar. ... Members of the European Coal and Steel Community The European Coal and Steel Community (ECSC) was founded in 1951 (Treaty of Paris), by France, West Germany, Italy, Belgium, Luxembourg and the Netherlands to pool the steel and coal resources of its member-states, thus preventing another European war. ... 1959 (MCMLIX) was a common year starting on Thursday of the Gregorian calendar. ... Worldshops, world shops or Fair Trade Shops are retail outlets that practice the principles of fair trade. ... Fair trade products shown at XI Unctad. ... 1960 (MCMLX) was a leap year starting on Friday (the link is to a full 1960 calendar). ... The European Free Trade Association (EFTA) was established on May 3, 1960 as an alternative for European states that were not allowed or did not wish to join the European Community (now the European Union). ... 1971 (MCMLXXI) was a common year starting on Friday (the link is to a full 1971 calendar). ... This article is part of the article History of the Comecon The Comprehensive Program for Socialist Economic Integration was a program set up in 1971, which laid the guidelines for Comecon activity through 1990 The distinction between market relations and planned relations made in the discussions within Comecon prior to... A Soviet poster reading COMECON: Unity of Goals, Unity of Action The Council for Mutual Economic Assistance (COMECON / Comecon / CMEA / CEMA), 1949 – 1991, was an economic organisation of communist states and a kind of Eastern European equivalent to the European Economic Community. ... Communism - Wikipedia /**/ @import /w/skins-1. ... October 16 is the 289th day of the year (290th in Leap years). ... 1973 (MCMLXXIII) was a common year starting on Monday. ... Logo The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. ... This article is about the economic term. ... Oil is a generic term for organic liquids that are not miscible with water. ... Combatants Israel Egypt, Syria, (Jordan, Iraq) Commanders Moshe Dayan, David Elazar, Ariel Sharon, Shmuel Gonen, Benjamin Peled Saad El Shazly, Ahmad Ismail Ali Strength 415,000 troops; 1,500 tanks, 3,000 armored carriers; 945 artillery units 100 mm and up; 561 airplanes, 84 helicopters; 38 warships. ... Supply has a number of meanings: In economics, supply is the aggregate amount of any material good that can be called into being at a certain price point; it one half of the equation of supply and demand. ... John Stuart Mill (May 20, 1806 – May 8, 1873), an English philosopher and political economist, was an influential classical liberal thinker of the 19th century. ... 1848 is a leap year starting on Saturday of the Gregorian calendar. ... (Redirected from 1973 energy crisis) United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ... 1974 (MCMLXXIV) was a common year starting on Tuesday (the link is to a full 1974 calendar). ... Rationing is the controlled distribution of resources and scarce goods or services: it restricts how much people are allowed to buy or consume. ... 1975 (MCMLXXV) was a common year starting on Wednesday (the link is to a full 1975 calendar). ... 1988 (MCMLXXXVIII) was a leap year starting on Friday of the Gregorian calendar. ... For other uses of the name Solidaridad or Solidarity, see Solidarity (disambiguation). ... Fair trade products shown at XI Unctad. ... Coffee in beverage form. ... This article needs to be cleaned up to conform to a higher standard of quality. ... 1992 (MCMXCII) was a leap year starting on Wednesday. ... Good (accounting) - Wikipedia /**/ @import /skins-1. ... In classical economics and all micro-economics labour is a measure of the work done by human beings and is one of three factors of production, the others being land and capital. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated the International year of the Family. ... Nafta or NAFTA may refer to: an acronym for the North American Free Trade Agreement an acronym for the New Zealand Australia Free Trade Agreement the town/Tokyo of Nafta, Tunisia This is a disambiguation page: a list of articles associated with the same title. ... 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated the International year of the Family. ... The Marrakesh Agreement, signed in Marrakech, Morocco, on April 15, 1994, established the World Trade Organization, which came into being upon its entry into force on January 1, 1995. ... January 1 is the first day of the calendar year in both the Julian and Gregorian calendars. ... 1995 (MCMXCV) was a common year starting on Sunday of the Gregorian calendar. ... WTO Logo The World Trade Organization (WTO) is an international, multilateral organization, which sets the rules for the global trading system and resolves disputes between its member states, all of whom are signatories to its about 30 agreements. ... Free trade is an economic concept referring to the selling of products between countries without tariffs or other trade barriers. ... Most favoured nation (MFN), also called normal trade relations in the United States, is a status accorded by one nation to another in international trade. ... WTO Logo The World Trade Organization (WTO) is an international, multilateral organization, which sets the rules for the global trading system and resolves disputes between its member states, all of whom are signatories to its about 30 agreements. ... WTO Logo The World Trade Organization (WTO) is an international, multilateral organization, which sets the rules for the global trading system and resolves disputes between its member states, all of whom are signatories to its about 30 agreements. ...

1996 - Present day

World system theory

Marc Bloc once wrote: Il n'y a pas d'histoire de l'Europe, il y a une histoire du monde! (There is no history of Europe, there is a history of the world.) World-system theory was introduced during the 1970s by historians like Immanuel Wallerstein, Samir Amin, Giovanni Arrighi, Andre Gunder Frank as opposition to classic historical and economical views. Main goal of World-system theory is to show that one cannot limit history and especially economic history to arbitrary units like modern nation-states, empires like Byzantine Empire or even units like Western Europe instead we must look at world-systems which are historically formed and interconnected units. Unlike former sociological theories, which presented general models of social change with particular focus at the societal level, world-systems theory (or world system perspective) explores the role and relationships between societies (and the subsequent changes produced by them). ... The 1970s decade refers to the years from 1970 to 1979, inclusive. ... Immanuel Wallerstein Immanuel Wallerstein (born 1930) is a U.S. sociologist. ... Samir Amin is an Egyptian political author, born in 1931. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Andre Gunder Frank (Berlin, February 24, 1929 – Luxembourg, April 23, 2005) was a Marxian German economic historian and sociologist who was one of the founders of the Dependency theory in the 1960s. ... The term nation-state, while often used interchangeably with the terms unitary state and independent state, refers properly to the parallel occurence of a state and a nation. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Byzantine Empire (Greek: ), is the term conventionally used since the 19th century to describe the Greek-speaking Roman Empire during the Middle Ages, centered at its capital in Constantinople. ... A common understanding of Western Europe in modern times. ...

Fernand Braudel

One of the precursors and an early application of this theory can be found in Fernand Braudel's La Méditerranée et le Monde Méditerranéen a l'époque de Philippe II which originally appeared in 1949 where he thinks of the Mediterranean as a center around which a economy-world formed. Later in Civilization and Capitalism, 15th–18th Centuries (1979) Braudel claims that there are long term cycles in capitalist economy which developed in Europe in 12th century. Cities and later nation-states follow each other subsequently as centers of these cycles. Venice in 13th to 15th century (1250-1510), Antwerpen in 16th (1500-1569), Amsterdam in 16th to 18th (1570-1733), London and England in 18th and 19th (1733-1896). The other source is Dependency theory first developed in the 1950s by Raul Prebisch. Fernand Braudel Fernand Braudel (August 24, 1902–November 27, 1985) was a French historian. ... 1949 (MCMXLIX) is a common year starting on Saturday. ... The Mediterranean Sea is an intercontinental sea positioned between Europe to the north, Africa to the south and Asia to the east, covering an approximate area of 2. ... This page refers to the year 1979. ... In economics, a capitalist is someone who owns capital, presumably within the economic system of capitalism. ... (11th century - 12th century - 13th century - other centuries) As a means of recording the passage of time, the 12th century was that century which lasted from 1101 to 1200. ... Location within Italy Venice (Italian: Venezia, Venetian: Venexia) , the city of canals, is the capital of the region of Veneto and of the province of Venice in Italy. ... (12th century - 13th century - 14th century - other centuries) As a means of recording the passage of time, the 13th century was that century which lasted from 1201 to 1300. ... (14th century - 15th century - 16th century - other centuries) As a means of recording the passage of time, the 15th century was that century which lasted from 1401 to 1500. ... Events December 13 - Death of Frederick II, Holy Roman Emperor Louis IX of France is captured by Muslims and has to ransom himself Mabinogion appears Albertus Magnus isolates the element arsenic Vincent of Beauvais writes proto-encyclopedic The Greater Mirror City of Stockholm founded Alphonso III of Portugal takes Algarve... 1510 was a common year starting on Saturday (see link for calendar) of the Gregorian calendar. ... For other uses, see Antwerp (disambiguation). ... (15th century - 16th century - 17th century - more centuries) As a means of recording the passage of time, the 16th century was that century which lasted from 1501 to 1600. ... 1500 was a common year starting on Monday (see link for calendar) of the Gregorian calendar. ... Events January 11 - First recorded lottery in England. ... Amsterdam Location Flag Country Netherlands Province North Holland Population 742,951(1 January 2005) Coordinates Website www. ... (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ... Events January 23 - The assassination of regent James Stewart, Earl of Moray throws Scotland into civil war February 25 - Pope Pius V excommunicates Queen Elizabeth I of England with the bull Regnans in Excelsis May 20 - Abraham Ortelius issues the first modern atlas. ... Events February 12 - British colonist James Oglethorpe founds Savannah, Georgia. ... This article is about the British city. ... Royal motto (French): Dieu et mon droit (Translated: God and my right) Englands location (dark green) within the British Isles Languages English (de facto) Capital London de facto Largest city London Area – Total Ranked 1st UK 130,395 km² Population – Total (mid-2004) – Total (2001 Census) – Density Ranked 1st... Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... Events February 12 - British colonist James Oglethorpe founds Savannah, Georgia. ... 1896 (MDCCCXCVI) was a leap year starting on Wednesday (see link for calendar). ... International Relations Theory Realism Liberalism Idealism Neoconservatism Institutionalism Functionalism Marxism Critical theory Isolationism Dependency theory is the body of social science theories by various intellectuals, both from the Third World and the First World, that create a worldview which suggests that the wealthy nations of the world need a peripheral... // Events and trends This map shows two essential global spheres during the Cold War in 1959. ... Dr. Raúl Prebisch (1901 – 1986) was an Argentine economist known for his contribution to structuralist economics, in particular the Prebisch-Singer hypothesis that formed the basis of economic dependency theory. ...

Imannuel Wallerstein

Wallerstein locates the origin of the modern world-system in 16th century Western Europe and defines: "A world-system is a social system, one that has boundaries, structures, member groups, rules of legitimation, and coherence. Its life is made up of the conflicting forces which hold it together by tension and tear it apart as each group seeks eternally to remold it to its advantage. It has the characteristics of an organism, in that it has a life-span over which its characteristics change in some respects and remain stable in others. One can define its structures as being at different times strong or weak in terms of the internal logic of its functioning."

Andre Gunder Frank

Andre Gunder Frank goes even further and claims that there is really only one world system which includes Asia, Europe and Africa and claims that we can trace ongoing trade in this system in the last 5000 years. The center of this system has always been in Asia. Europe only prospered when Asian economy was in its contracting phase of long-term economic cycle and Europe had acess to virtually free silver and gold from the Americas. There was no European miracle, Europe simply had geographical advantage in discovery of Americas. This contracting phase is now coming to an end and the center is moving back to Asia. A satellite composite image of Africa Africa is the worlds second-largest and second-most populous continent, after Asia. ... (4th millennium BC – 3rd millennium BC – 2nd millennium BC – other millennia) // Events The 3rd millennium BC represents the beginning of factual history, since it is the first time we do have real names to name and detailed stories to tell. ... Asia is the largest and most populous region or continent depending on the definition. ... Europe is conventionally considered one of the seven continents of Earth which, in this case, is more a cultural and political distinction than a physiographic one, leading to some dispute as to Europes actual borders. ... The term European miracle was coined by Eric Jones to describe his position that Europe was more advanced and progressive than all other civilizations prior to the year 1492, allowing it to develop capitalism, reach the New World first, and dominate world trade and politics. ... You might find what you are looking for in any of the following pages Pre-Columbian trans-oceanic contact. ...

World system theory links

• Journal of World-Systems Research
• World-Systems Archive
• Preface to ReOrient by Andre Gunder Frank
• Andre Gunder Frank resources
• The Modern World-System by Immanuel Wallerstein
• Immanuel Wallerstein resources
• The African Crisis - World Systemic and Regional Aspects by Giovanni Arrighi
• The Rise of East Asia in World Historical Perspective by Giovanni Arrighi

See also

• Arms trade
• China trade
• East India trade
• Industrial archaeology
• Silk road
• Slave trade
• Triangle trade

The arms industry is a massive global industry. ... This article is on the economy of Mainland China. ... Industrial archaeology, like other branches of archeology, is the study of the past, but with a focus on industry or industrial heritage. ... For other uses, see Silk Road (disambiguation). ... This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... A triangular trade is any three-way exchange, but the term is often used to refer to one particular instance: the 18th century trade between Europe, the west coast of Africa, and the Caribbean. ...

References

• Krugman, Paul., 1996 Pop Internationalism. Cambridge: MIT Press,
• Mill, John Stuart., 1844 Essays on Some Unsettled Questions of Political Economy
• Mill, John Stuart., 1848 Principles of Political Economy with some of their Applications to Social Philosophy (Full text)
• Smith, A. 1776, An Inquiry into the Nature and Causes of the Wealth of Nations

1996 (MCMXCVI) was a leap year starting on Monday of the Gregorian calendar, and was designated the International Year for the Eradication of Poverty. ... 1844 was a leap year starting on Monday (see link for calendar). ... 1848 is a leap year starting on Saturday of the Gregorian calendar. ... This article is about the year 1776. ...

External links

• The BBC's illustrated history of free trade
• The Cato institute says free trade has brought wealth to countries engaging in it for 500 years.
• Personal recollections of the rise of the fair trade movement
• A chronology of maritime Asian trade from 425 BC (Chinese silk trade with Greece by sea.) to 1700
• Tariffs and Subsidies - The Literal Cost of High Fructose Corn Syrup