Business Daily How did global trade start?
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Jan 13, 2025 Paul Seabright, a Professor of Economics at the Toulouse School of Economics and author of 'The Company of Strangers', dives into the complex history of global trade. He discusses how tariffs impact both consumers and workers and examines the evolution of trade from ancient practices to modern complexities. Seabright highlights pivotal moments such as the influence of British colonies and the dark legacy linked to slave trade. He also speculates on the future of trade amid rising digital trends and de-globalisation, sounding a clarion call for awareness in a rapidly changing world.
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Cinnamon Trade
- Sue Adams-Cundick discusses the trade of cinnamon, originating from Ceylon (Sri Lanka).
- Arab merchants held a monopoly, keeping its source secret, highlighting early trade practices.
Whaling Industry
- Whale oil was a key commodity, used for fuel and candles.
- Jawbones were lashed to ships' masts to drain oil, demonstrating resourcefulness in early trade.
Coffeehouses and Early Trade
- 18th-century coffeehouses served as hubs for merchants, fostering trade discussions and deals.
- These discussions covered insurance, goods, and market conditions, laying the groundwork for modern financial markets.