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How International Trade Started (Jan 7 1000)

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How International Trade Started (Jan 7 1000)

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Barter system trading started

Romans and Indians began trading with ships

Myos Hormos and Berencie were the main trading ports of Roman.

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Song Dynasty was happening and China printed first paper money

Hanseatic League in England introduced trading benefits and marketing rights to better secure their goods

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Introduction of foreign trade license (Jan 1 1590 - Dec 30th 1800)

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Introduction of foreign trade license (Jan 1 1590 - Dec 30th 1800)

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Japan establish Foreign Trade Licenses to prevent piracy and smuggling.
-Dutch East India Company established in the year of 1602, declared bankruptcy in 1799 because of the rise in competition in free trade.
-The result of the Indian company might have taught other companies to be more aware of Free Trades.

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In 1860 Britain and France went on strike over the free trade agreement. The Bretton Woods system was introduced in 1946 with the aim of stopping wars.
In 1947, 23 countries signed the General Agreement on Tariffs and Trade to expedite trade between nations.

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Standardization In Transport (Apr 22 1960)

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Standardization In Transport (Apr 22 1960)

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Foundation of the European Free Trade Association.
Four main recommendations of the International Organization for Standardized Standardization in Containers (Containerized Freight Transport) from global.

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The World Trade Organization, an intergovernmental organization that deals with trade rules between nations worldwide, was founded.
This organization aims to promote free trade between different nations and help improve the quality of international trade so that trade can run smoothly.

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International trade declined (Jan 1 2000)

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International trade declined (Jan 1 2000)

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The First and Second World Wars led to a decline in international trade and a growing policy of protectionism. 4,444 countries like the US, Argentina and Australia have established a trade barrier with average tariff barriers with Russia, France and Germany.
Western Europe's share of world trade fell from 60% (year 1880) to 35% (year 1948)

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Cause of the 2008 financial crisis:
Banks created too much money
They used that money to raise property prices and speculate in financial markets
Finally, people's personal debts became invaluable, debts grew faster than income

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All countries were affected by the crisis
Decrease in exports
Rising unemployment leads to falling income In 2009, world trade fell by 4.5%

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Recovery of economy (Aug 27 2009 - Jul 31 2011)

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Recovery of economy (Aug 27 2009 - Jul 31 2011)

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Trade volume increased by almost 20% (mid-2009 to mid-2010), resulting in an economic recovery in 2011:
economic slowdown and growth could not be sustained