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Evolution of international trade

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International Trade evolution

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Evolution of international trade

  1. 1. Evolution of International Trade
  2. 2. History of International Business  Early traders  Well before the time of Christ, Phoenician and Greek merchants  China stimulated the emergence of an internationally integrated trading system “all roads lead to China”  17th Century mercantilism/colonialism  British East India Company  Dutch East India Company  Portugal and France
  3. 3. Business by the Romans  Pax Romana, or Roman Peace ensured that merchants were able to travel safely and rapidly.  Common coinage simplified business transactions.  Rome developed a systematic law, central market locations, and an effective communication system; all of which enabled international business to flourish in the Roman Empire.  The growth of the Roman Empire occurred mainly through the linkages of business
  4. 4. Other important International Trade Relations  Greek and Phoenician merchants traded before Christ  China, world’s leading manufacturer for 1,800 years, replaced by Britain about 1840  Ottoman Empire trade routes before 1300: Middle East, Europe, North Africa, Asia  East India Company 1600: branches throughout Asia; Dutch East India Company  The 17th and 18th centuries: the “age of mercantilism”  Significant multinationals in late 1800s: Singer Sewing Machine, J&P Coates, Ford Motor Company
  5. 5. The Smoot-Hawley Act  In 1930’s, the U.S. passed the Smoot-Hawley Act, which raised import duties to reduce the volume of goods coming into the U.S.  The act was passed in the hope that it would restore domestic employment.  The result was a worldwide depression and the collapse of the world financial system.
  6. 6. A gradual display of events in International Business  19th Century: Broader concept of the integration of economies and societies  1870: Began first phase of Globalization  1919: World War II:  End of first phase of Globalization, Industrial revolution in UK, Germany and the USA  Sharp increase in the trade with import and export by colonial empires  1913: GDP 22.1  After 1913: Increased Trade Barriers to Protect Domestic Production  1930’s: Declined Trade Ratio, GDP 9.1
  7. 7. A gradual display of events in International Business  After 1930’s: World Nations felt the need for International Co- operation in global trade and balance of payments affairs  Establishment of IMF and IBRD (World Bank)  1947: 23 countries conducted negotiations in order to prevent the protectionist policies and to revive the economies from recession aiming at establishment of World Trade organization  1947: Establishment of GATT (General Agreement on Trade and Tariffs)
  8. 8. A gradual display of events in International Business  1980s: efforts to convert GATT into WTO  1st Jan 1995: GATT was replaced by WTO (World Trade Organization)  Trade Liberalization  1990 – 2000: The Term IB (International Business) has emerged from the term International Marketing.  There are two Phases of the evolution of the term International Business 1. International Trade to International Marketing 2. International Marketing to International Business  After 1990: Rapid Internationalization ad globalization  Today: Interpreting the PESTIN factors of International Trade environment more clearly.