The Amber Road was an ancient trade route for the transfer of amber. As one of the waterways and ancient highways, for centuries the road led from Europe to Asia and back, and from northern Africa to the Mediterranean Sea. An important raw material, amber was transported from the North Sea and Baltic Sea coasts overland by way of the Vistula and Dnieper rivers to Italy, Greece, the Black Sea, and Egypt thousands of years ago, and long after.
The balance of trade (or net exports, sometimes symbolized as NX) is the difference between the monetary value of exports and imports of output in an economy over a certain period. It is the relationship between a nation's imports and exports. A favourable balance of trade is known as a trade surplus and consists of exporting more than is imported; an unfavourable balance of trade is known as a trade deficit or, informally, a trade gap.
A customs union is a type of trade bloc which is composed of a free trade area with a common external tariff. The participant countries set up common external trade policy, but in some cases they use different import quotas. Common competition policy is also helpful to avoid competition deficiency. Purposes for establishing a customs union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries.
David Ricardo (19 April 1772 – 11 September 1823) was an English political economist, often credited with systematizing economics, and was one of the most influential of the classical economists, along with Thomas Malthus and Adam Smith. He was also a member of Parliament, businessman, financier and speculator, who amassed a considerable personal fortune.
An economic and monetary union is a type of trade bloc which is composed of a single market with a common currency. It is to be distinguished from a mere currency union (e.g. the Latin Monetary Union in the 1800s), which does not involve a single market. This is the fifth stage of economic integration. EMU is established through a currency-related trade pact.
Free trade area is a type of trade bloc, a designated group of countries that have agreed to eliminate tariffs, quotas and preferences on most (if not all) goods and services traded between them. It can be considered the second stage of economic integration. Countries choose this kind of economic integration form if their economical structures are complementary. If they are competitive, they will choose customs union.
The General Agreement on Tariffs and Trade (typically abbreviated GATT) was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). GATT was formed in 1947 and lasted until 1994, when it was replaced by the World Trade Organization in 1995. The original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994.
International trade is exchange of capital, goods, and services across international borders or territories. It refers to exports of goods and services by a firm to a foreign-based buyer (importer)In most countries, it represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history, its economic, social, and political importance has been on the rise in recent centuries.
Public international law concerns the structure and conduct of sovereign states, analogous entities, such as the Holy See, and intergovernmental organizations. To a lesser degree, international law also may affect multinational corporations and individuals, an impact increasingly evolving beyond domestic legal interpretation and enforcement.
An intergovernmental organization, sometimes rendered as an international governmental organization and both abbreviated as IGO, is an organization comprised primarily of sovereign states (referred to as member states), or of other intergovernmental organizations.
The Invisible Balance or Balance of Trade on Services is that part of the balance of trade that refers to services and other products that do not result in the transfer of physical objects. Examples include consulting services, shipping services, tourism, and patent license revenues. This figure is usually generated by tertiary industry. The term 'Invisible Balance' is especially common in the United Kingdom.
ISO 4217 is the international standard describing three-letter codes (also known as the currency code) to define the names of currencies established by the International Organization for Standardization (ISO).
Mercantilism is an economic theory, considered to be a form of economic nationalism, that holds that the prosperity of a nation is dependent upon its supply of capital, and that the global volume of international trade is "unchangeable". Economic assets (or capital) are represented by bullion (gold, silver, and trade value) held by the state, which is best increased through a positive balance of trade with other nations (exports minus imports).
A common market is a type of trade bloc which is composed of a customs union with common policies on product regulation, and freedom of movement of the factors of production and of enterprise. The goal is that the movement of capital, labour, goods, and services between the members is as easy as within them. This is the fourth stage of economic integration. Sometimes a single market is differentiated as a more advanced form of common market.
A Special Drawing Right (SDR) is the monetary unit of the reserve assets of the International Monetary Fund (IMF). The unit was created in 1969 in support of the Bretton Woods system of fixed exchange rates to alleviate the shortage of U.S. dollar and gold reserves in the expansion of international trade. The SDR unit is defined as a weighted sum of contributions of four major currencies, reevaluated and adjusted every five years, and computed daily in terms of equivalent United States dollars.
Trade is the voluntary exchange of goods, services, or both. Trade is also called commerce or transaction. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals (poles, coins), bill, paper money. Modern traders instead generally negotiate through a medium of exchange, such as money. As a result, buying can be separated from selling, or earning.
The World Intellectual Property Organization Copyright Treaty, abbreviated as the WIPO Copyright Treaty, is an international treaty on copyright law adopted by the member states of the World Intellectual Property Organization (WIPO) in 1996. It provides additional protections for copyright deemed necessary due to advances in information technology since the formation of previous copyright treaties before it.
[[Image:WIPO. png|thumb|280px|WIPO members Members The World Intellectual Property Organization (WIPO) is one of the 16 specialized agencies of the United Nations. WIPO was created in 1967 "to encourage creative activity, to promote the protection of intellectual property throughout the world. " WIPO currently has 184 member states, administers 24 international treaties, and is headquartered in Geneva, Switzerland.
The World Trade Organization (WTO) is an international organization designed by its founders to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1947.
The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. Three distinct kinds of gold standard can be identified. The gold specie standard is a system in which the monetary unit is associated with circulating gold coins, or with the unit of value defined in terms of one particular circulating gold coin in conjunction with subsidiary coinage made from a lesser valuable metal.
Safe trade is a slogan advocated by Greenpeace in its desire to "green" the World Trade Organisation and the Doha Development Round. It is designed to compete with "free trade" as a concept. Safe trade is generally seen as a single framework of rules worldwide to drastically inhibit the flow of alien organisms across the borders of ecoregions, to preserve their natural wild biodiversity.
Gresham's law is commonly stated: "Bad money drives out good", but more accurately stated: "Bad money drives out good under legal tender laws". This law applies specifically when there are two forms of commodity money in circulation which are required by legal-tender laws to be accepted as having similar face values for economic transactions. Gresham's law is named after Sir Thomas Gresham (1519 – 1579), an English financier during the Tudor dynasty.
Autarky is the quality of being self-sufficient. Usually the term is applied to political states or their economic policies. Autarky exists whenever an entity can survive or continue its activities without external assistance. Autarky is not necessarily economic. For example, a military autarky would be a state that could defend itself without help from another country.
The Silk Road (or Silk Routes) is an extensive interconnected network of trade routes across the Asian continent connecting East, South, and Western Asia with the Mediterranean world, as well as North and Northeast Africa and Europe. The term "Seidenstraße" (literally "Silk Road") was coined retrospectively by the German geographer Ferdinand von Richthofen in 1877 and has found since its way into general usage.
For other uses of this word, see tariff (disambiguation). A tariff (from Arabic تعريفة, translit. taʿrīfah, 'notification', derived from the verb ʿarrafa, 'to announce, inform') is a tax levied on imported or exported goods.