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International trade, economic transactions that are made between countries. Among the items commonly traded are consumer goods, such as television sets and clothing; capital goods, such as machinery; and raw materials and food. Learn more about international trade in this article.
International trade, however, refers specifically to an exchange between members of different countries, and accounts and explanations of such trade begin only with the rise of the modern nation-state at the close of the European Middle Ages.
Comparative advantage is an economic theory first developed by 19th-century British economist David Ricardo that attributed the cause and benefits of international trade to the differences in the relative opportunity costs (costs in terms of other goods given up) of producing the same commodities among countries.
The WTO has six key objectives: (1) to set and enforce rules for international trade, (2) to provide a forum for negotiating and monitoring further trade liberalization, (3) to resolve trade disputes, (4) to increase the transparency of decision-making processes, (5) to cooperate with other major international economic institutions involved in ...
The international slave trades developed into elaborate networks. For example, in the 9th and 10th centuries Vikings and Russian merchants took East Slavic slaves into the Baltic. They were then gathered in Denmark for further transshipment and sold to Jewish and Arabic slave traders, who took them to Verdun and León .
Mercantilism is an economic practice by which governments used their economies to augment state power at the expense of other countries. Governments sought to ensure that exports exceeded imports and to accumulate wealth in the form of bullion (mostly gold and silver). In mercantilism, wealth is viewed as finite and trade as a zero-sum game.
International relations, the study of the relations of states with each other and with international organizations and certain subnational entities (e.g., bureaucracies, political parties, and interest groups).
trade agreement, any contractual arrangement between states concerning their trade relationships. Trade agreements may be bilateral or multilateral—that is, between two states or more than two states. For most countries international trade is regulated by unilateral barriers of several types, including tariffs, nontariff barriers, and ...
absolute advantage, economic concept that is used to refer to a party’s superior production capability. Specifically, it refers to the ability to produce a certain good or service at lower cost (i.e., more efficiently) than another party.
embargo, legal prohibition by a government or group of governments restricting the departure of vessels or movement of goods from some or all locations to one or more countries. Embargoes may be broad or narrow in scope. A trade embargo, for example, is a prohibition on exports to one or more countries, though the term is often used to refer to ...