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Prehistory[ edit ] Trade originated with human communication in prehistoric times. Trading was the main facility of prehistoric people, who bartered goods and services from each other before the innovation of modern-day currency. Peter Watson dates the history of long-distance commerce from circayears ago.
Apart from traditional self-sufficiencytrading became a principal facility of prehistoric people, who bartered what they had for goods and services from each other.
The caduceus has been used today as the symbol of commerce  with which Mercury has traditionally been associated.
Trade is believed to have taken place throughout much of recorded human history. There is evidence of the exchange of obsidian and flint during the stone age.
Trade in obsidian is believed to have taken place in Guinea from 17, BCE. Materials used for creating jewelry were traded with Egypt since BCE. Long-range trade routes first appeared in the 3rd millennium BCE, when Sumerians in Mesopotamia traded with the Harappan civilization of the Indus Valley.
The Phoenicians were noted sea traders, traveling across the Mediterranean Seaand as far north as Britain for sources of tin to manufacture bronze. For this purpose they established trade colonies the Greeks called emporia. Roman commerce allowed its empire to flourish and endure.
The latter Roman Republic and the Pax Romana of the Roman empire produced a stable and secure transportation network that enabled the shipment of trade goods without fear of significant piracyas Rome had become the sole effective sea power in the Mediterranean with the conquest of Egypt and the near east.
Free trade between states was stifled by the need for strict internal controls via taxation to maintain security within the treasury of the sovereign, which nevertheless enabled the maintenance of a modicum of civility within the structures of functional community life.
Some trade did occur in the west. For instance, Radhanites were a medieval guild or group the precise meaning of the word is lost to history of Jewish merchants who traded between the Christians in Europe and the Muslims of the Near East.
It had a fixed worth of 8, cacao seeds, which were also used as currency. There is evidence of established maritime trade with the cultures of northwestern South America and the Caribbean. Middle Ages[ edit ] During the Middle Ages, commerce developed in Europe by trading luxury goods at trade fairs.
Wealth became converted into movable wealth or capital. Banking systems developed where money on account was transferred across national boundaries. Hand to hand markets became a feature of town life, and were regulated by town authorities.
Western Europe established a complex and expansive trade network with cargo ships being the main workhorse for the movement of goods, Cogs and Hulks are two examples of such cargo ships.
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The English port city of Bristol traded with peoples from what is modern day Iceland, all along the western coast of France, and down to what is now Spain.
During the Middle Ages, Central Asia was the economic center of the world. They were the main caravan merchants of Central Asia. From the 8th to the 11th century, the Vikings and Varangians traded as they sailed from and to Scandinavia.
Vikings sailed to Western Europe, while Varangians to Russia. The Hanseatic League was an alliance of trading cities that maintained a trade monopoly over most of Northern Europe and the Balticbetween the 13th and 17th centuries.
Prior to this, the flow of spice into Europe from India was controlled by Islamic powers, especially Egypt.Fundamentals of Corporate Finance: 8th Canadian Edition can be readily adapted to meet the individual preferences of course instructors and the differing backgrounds and 1/5(2).
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