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First exchange system, the goods were traded for goods of equal value. -
Money appears as a universal medium of exchange and a type of value, gradually replacing the exchange system. -
Key trade routes, such as the Silk Road and routes importing spices, salt, and dyes, grew during this period. -
Britain established industrial and commercial dominance. All the technological innovations, such as the steamship, made the trips safer and faster. -
The maritime routes between Europe, Asia, Africa and America with silver became a key global trading currency. -
The Industrial Revolution, which began in England, boosted the manufacture and expanded the global trade. -
The war interrupted the international trade significantly. -
The global trade collapses, and it intensifies the protectionism. All the markets contracted. -
Decisions made by 44 countries. The goal was to create a new international economic and financial system after World War II. The International Monetary Fund (IMF) and the World Bank were established as key institutions of global economic order. -
International treaty that set the rules for global trade in goods. It was sign by 23 countries and it’s the first global trade agreement. -
Start of the European integration, by uniting the key industries to prevent future conflicts. -
Founded the European Economic Community (EEC), making the groundwork for a common market among the member states -
Established to promote equitable trade and support the economic growth of the developing countries. -
Regional trade groups like Mercosur, ASEAN and EFTA gained strength, trying to promote the economic integration between nations. -
United States, Mexico and Canada created a free trade zone between them. -
Replaced GATT as the main global authority on trade rules and dispute resolutions. -
Free trade agreement between the United States, central American countries and the Dominican Republic to boost a regional trade. -
Irwin, D. A. (n.d.). International Trade Agreements. In Econlib. Retrieved from https://www.econlib.org/library/Enc/InternationalTradeAgreements.html Johnston, M. (2021, August 27). A brief history of international trade agreements. Investopedia. Retrieved from https://www.investopedia.com/articles/investing/011916/brief-history-international-trade-agreements.asp -
FIEConsult. (n.d.). The genesis and evolution of trade agreements. Retrieved from https://fieconsult.com/the-genesis-and-evolution-of-trade-agreements/ BBC News. (n.d.). Business. Retrieved from https://www.bbc.com/news/business-25278731 Ballard, B. (n.d.). Top 5 trade deals that changed history. World Finance. Retrieved from https://www.worldfinance.com/strategy/government-policy/top-five-trade-deals-that-changed-history
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Replaced the NAFTA with updated rules between Canada, Mexico and the United States. -
55 African countries created a single market for goods and services across them, aiming to develop intra-African trade. -
China, Japan, South Korea, ASEAN nations, Australia and New Zealand formed the world’s largest trade bloc, under a comprehensive trade agreement. -
Conclusions:
1. Trade evolved from exchange to money, creating the foundation of the modern economies.
2. The maritime routes helped with the expansion, connecting distant regions and it helped boosting exchanges.
3. The industrial revolution and the British dominance accelerated the global trade with the new technology. -
• Wars and crises (WWI, Great Depression) showed the fragility of international commerce.
• Post-WWII institutions (IMF, World Bank, GATT/WTO) provided rules and stability.
• Regional blocs (EU, NAFTA, Mercosur) reshaped trade dynamics and integration.
• Recent agreements (AfCFTA, RCEP, USMCA) highlight the rise of new global actors, especially Asia and Africa.
• Global trade is now highly interconnected, but its sustainability depends on cooperation and adaptation. -
FIEConsult. (n.d.). The genesis and evolution of trade agreements. Retrieved from https://fieconsult.com/the-genesis-and-evolution-of-trade-agreements/ BBC News. (n.d.). Business. Retrieved from https://www.bbc.com/news/business-25278731 Ballard, B. (n.d.). Top 5 trade deals that changed history. World Finance. Retrieved from https://www.worldfinance.com/strategy/government-policy/top-five-trade-deals-that-changed-history
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Irwin, D. A. (n.d.). International Trade Agreements. In Econlib. Retrieved from https://www.econlib.org/library/Enc/InternationalTradeAgreements.html Johnston, M. (2021, August 27). A brief history of international trade agreements. Investopedia. Retrieved from https://www.investopedia.com/articles/investing/011916/brief-history-international-trade-agreements.asp