1.
Trade route
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A trade route is a logistical network identified as a of pathways and stoppages used for the commercial transport of cargo. The term can also be used to refer to trade over bodies of water, among notable trade routes was the Amber Road, which served as a dependable network for long-distance trade. Maritime trade along the Spice Route became prominent during the Middle Ages, during the Middle Ages, organizations such as the Hanseatic League, aimed at protecting interests of the merchants, and trade became increasingly prominent. In modern times, commercial activity shifted from the trade routes of the Old World to newer routes between modern nation-states. Innovative transportation of modern times includes pipeline transport and the relatively well-known trade involving rail routes, automobiles, one of the vital instruments which facilitated long distance trade was portage and the domestication of beasts of burden. Organized caravans, visible by the 2nd millennium BCE, could carry goods across a distance as fodder was mostly available along the way. The domestication of camels allowed Arabian nomads to control the long distance trade in spices, caravans were useful in long-distance trade largely for carrying luxury goods, the transportation of cheaper goods across large distances was not profitable for caravan operators. With productive developments in iron and bronze technologies, newer trade routes—dispensing innovations of civilizations—began to rise, evidence of maritime trade between civilizations dates back at least 90 millennia. Navigation was known in Sumer between the 4th and the 3rd millennium BCE, and was known by the Indians. The Egyptians had trade routes through the Red Sea, importing spices from the Land of Punt, maritime trade began with safer coastal trade and evolved with the manipulation of the monsoon winds, soon resulting in trade crossing boundaries such as the Arabian Sea and the Bay of Bengal. South Asia had multiple maritime trade routes which connected it to Southeast Asia, Indian connections to various Southeast Asian states buffered it from blockages on other routes. By making use of the trade routes, bulk commodity trade became possible for the Romans in the 2nd century BCE. A Roman trading vessel could span the Mediterranean in a month at one-sixtieth the cost of over-land routes, the peninsula of Anatolia lay on the commercial land routes to Europe from Asia as well as the sea route from the Mediterranean to the Black Sea. Records from the 19th century BCE attest to the existence of an Assyrian merchant colony at Kanesh in Cappadocia, trading networks of the Old World included the Grand Trunk Road of India and the Incense Road of Arabia. Parts of the Mediterranean world, Roman Britain, Tigris-Euphrates river system, beyond this was a margin which included not only temperate areas such as Europe, but the dry steppe corridor of central Asia. This was truly a world system, even though it occupied only a portion of the western Old World. Whilst each civilization emphasized its ideological autonomy, all were part of a common world of interacting components. These routes - spreading religion, trade and technology - have historically been vital to the growth of urban civilization
2.
Bribery
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Bribery is the act of giving money, goods or other forms of recompense to a recipient in exchange for an alteration of their behavior that the recipient would otherwise not alter. Gifts of money or other items of value which are available to everyone on an equivalent basis. Offering a discount or a refund to all purchasers is a rebate and is not bribery. Giving the rebate to influence them to look favorably on the utilitys rate increase applications, however. The bribe is the gift bestowed to influence the recipients conduct, in economics, the bribe has been described as rent. Bribery in bureaucracy has been viewed as a reason for the higher cost of production of goods, one must be careful of differing social and cultural norms when examining bribery. Expectations of when a transaction is appropriate can differ from place to place. Tipping, for example, is considered bribery in some societies, in some Spanish-speaking countries, bribes are referred to as mordida. In Arab countries, bribes may be called baksheesh or shay, french-speaking countries often use the expressions dessous-de-table, pot-de-vin, or commission occulte. While the last two expressions contain inherently a negative connotation, the expression dessous-de-table can be understood as a commonly accepted business practice. In German, the term is Schmiergeld. The forms that bribery take are numerous, for example, a motorist might bribe a police officer not to issue a ticket for speeding, a citizen seeking paperwork or utility line connections might bribe a functionary for faster service. Bribery may also take the form of a commission, a profit made by an agent, in the course of his employment. Euphemisms abound for this Bribers and recipients of bribery are likewise numerous although bribers have one common denominator, Bribery around the world is estimated at about $1 trillion. The reason for this dissociation is to make the steps of a corrupt deal already an offence and, thus. Besides, such a dissociation makes the prosecution of bribery offences easier since it can be difficult to prove that two parties have formally agreed upon a corrupt deal. A grey area may exist when payments to smooth transactions are made, in some countries, this practice is the norm, often resulting from a developing nation not having the tax structure to pay civil servants an adequate salary. Nevertheless, most economists regard bribery as a bad thing because it encourages rent seeking behaviour, a state where bribery has become a way of life is a kleptocracy
3.
Mercantilism
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Mercantilism was an economic theory and practice that was dominant in Western Europe during the 15th to the mid-18th centuries. Mercantilism is a form of economic nationalism and its goal is to enrich and empower the nation and state to the maximum degree, by acquiring and retaining as much economic activity as possible within the nations borders. Manufacturing and industry, particularly of goods with military applications, were prioritized, Mercantilism sought to ensure the nation produced as much volume and variety of output as possible, so as to limit its dependence upon foreign suppliers. Economic autarky was an element of mercantilism. These aims were primarily accomplished by, Imposing high tariffs on the importation of finished goods, Imposing low, or no taxes on the export of finished goods, and imposing high taxes on the exportation of raw materials. Seeking new markets for manufactured products, so as to artificially increase the demand for domestic production. These policies generally resulted in a balance of trade, which led to the accumulation of precious metals. Historically, such policies sometimes led to war and may have motivated colonial expansion, high tariffs, especially on manufactured goods, are an almost universal feature of mercantilist policy. Mercantilism has been linked to bullionism ever since Adam Smith made the accusation, however, due to the fact that no author self-consciously used the label to refer to their own thoughts mercantilist authors can only be identified retrospectively. It is the supply of things necessary for life and suitable for clothing, the core of mercantile policy was a coherent national industrial policy, which was aimed at generating as much material wealth within the nation as possible. Doing so, it was thought, was the best way to increase the states military, the term mercantile system was used by its foremost critic, Adam Smith, but mercantilism had been used earlier by Mirabeau. Many nations applied the theory, one example being France which was the most important state economically in Europe at the time. King Louis XIV followed the guidance of Jean Baptiste Colbert, his general of finances. Mercantilism was the dominant school of thought in Europe throughout the late Renaissance. Evidence of mercantilistic practices appeared in early modern Venice, Genoa, however, as a codified school of economic theories, mercantilisms real birth was marked by the empiricism of the Renaissance, which first began to quantify large-scale trade accurately. England began the first large-scale and integrative approach to mercantilism during the Elizabethan Era, queen Elizabeth promoted the Trade and Navigation Acts in Parliament and issued orders to her navy for the protection and promotion of English shipping. It was written in the 1620s and published in 1664, numerous French authors helped cement French policy around mercantilism in the 17th century. This French mercantilism was best articulated by Jean-Baptiste Colbert, though policy liberalised greatly under Napoleon, in Europe, academic belief in mercantilism began to fade in the late 18th century, especially in Britain, in light of the arguments of Adam Smith and the classical economists
4.
Free trade
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Free trade is one of the most debated topics in economics of the 19th, 20th, and 21st century. Arguments over free trade can be divided into economic, moral, the World Trade Organization was created to open up markets and promote international trade based on the Free Trade paradigm. The WTO creates and monitors agreements to reduce trade barriers, and arbitrates in disputes over foreign market access and its definition of Free Trade is trade on a level playing field, so that the unlimited exchange of goods between countries is not necessarily Free. Therefore, any import restriction makes the domestic society as a whole worse off than it would be with unlimited imports, the artificial handicap of a foreign subsidy seems much less just to local production than advantages deriving from geography, natural resources, or native skill. Electorates often prefer fairplay to Utilitarian considerations, if trade barriers are already low, the threat of a trade war of tit-for-tat tariff increases may reduce the temptation for either partner in bilateral trade to raise import barriers. It would tend to decrease the power and revenue flowing to government bureaucrats. In the history of trade, two types of arguments have been advanced in favor of allowing purchases from abroad, and free trade in the broader sense. One set of arguments for free trade could be classified as moral arguments listed below, another set of arguments is essentially economic, that free trade will make society more prosperous. These are mostly technical arguments from the discipline of economics, starting especially with Smiths The Wealth of Nations, the 18th and 19th century intellectuals who backed free trade rarely did so under the rubric of increasing material wealth. In many cases this was given as the least important reason for free trade, rather, they argued that international society would be improved by increased commerce. Some of these, and later, sociopolitical arguments are listed here, adam Smith thought that protectionism against free trade was a scam on the public on behalf of producers, carried out in the name of nationalism. Even if overall economic interests had not been harmed by tariffs, classical economic analysis shows that free trade increases the global level of output because free trade permits specialization among countries. Specialization allows nations to devote their resources to the production of the particular goods. The benefits of specialization, coupled with economies of scale, increase the production possibility frontier. An increase in the production possibility frontier indicates that the absolute quantity of goods. Not only are the quantity of goods and services higher. Free trade policies are often associated with general laissez-faire economic politics and parties, voluntary exchange, by virtue of its voluntary nature, is assumed to be beneficial to the parties involved—why else would they engage in the exchange. Thus, the restriction of voluntary exchange restricts commerce and ultimately the accumulation of wealth in the absence of real-world externalities such as infant industry protection, here is the production possibilities frontier for a fictional country, Country A
5.
International Monetary Fund
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The International Monetary Fund is an international organization headquartered in Washington, D. C. It now plays a role in the management of balance of payments difficulties. Countries contribute funds to a pool through a system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion, the rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. The IMF provides alternate sources of financing and this assistance was meant to prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the economy after the Great Depression. As well, to provide investments for economic growth and projects such as infrastructure. The IMFs role was altered by the floating exchange rates post-1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine if a shortage of capital was due to economic fluctuations or economic policy, the IMF also researched what types of government policy would ensure economic recovery. Rather than maintaining a position of oversight of only exchange rates and their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality, nonconcessional loans, which include interest rates, are provided mainly through Stand-By Arrangements, the Flexible Credit Line, the Precautionary and Liquidity Line, and the Extended Fund Facility. The IMF provides emergency assistance via the Rapid Financing Instrument to members facing urgent balance-of-payments needs, the IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. This activity is known as surveillance and facilitates international cooperation, the responsibilities changed from those of guardian to those of overseer of members’ policies. In 1995 the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The executive board approved the SDDS and GDDS in 1996 and 1997 respectively, the system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals, some countries initially used the GDDS, but later upgraded to SDDS. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in the form of policy reform, if the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 Executive Board decision, conditionality is associated with economic theory as well as an enforcement mechanism for repayment
6.
World Trade Organization
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The World Trade Organization is an intergovernmental organization which regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade, most of the issues that the WTO focuses on derive from previous trade negotiations, especially from the Uruguay Round. The WTO is attempting to complete negotiations on the Doha Development Round, as of June 2012, the future of the Doha Round remained uncertain, the work programme lists 21 subjects in which the original deadline of 1 January 2005 was missed, and the round is still incomplete. This impasse has made it impossible to launch new WTO negotiations beyond the Doha Development Round, as a result, there have been an increasing number of bilateral free trade agreements between governments. As of July 2012, there were various groups in the WTO system for the current agricultural trade negotiation which is in the condition of stalemate. The WTOs current Director-General is Roberto Azevêdo, who leads a staff of over 600 people in Geneva, a trade facilitation agreement, part of the Bali Package of decisions, was agreed by all members on 7 December 2013, the first comprehensive agreement in the organizations history. Seven rounds of negotiations occurred under GATT, the first real GATT trade rounds concentrated on further reducing tariffs. Then, the Kennedy Round in the mid-sixties brought about a GATT anti-dumping Agreement, because these plurilateral agreements were not accepted by the full GATT membership, they were often informally called codes. Several of these codes were amended in the Uruguay Round, only four remained plurilateral, but in 1997 WTO members agreed to terminate the bovine meat and dairy agreements, leaving only two. Well before GATTs 40th anniversary, its members concluded that the GATT system was straining to adapt to a new globalizing world economy. In response to the problems identified in the 1982 Ministerial Declaration, the GATT still exists as the WTOs umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations. GATT1994 is not however the only legally binding agreement included via the Final Act at Marrakesh, the highest decision-making body of the WTO is the Ministerial Conference, which usually meets every two years. It brings together all members of the WTO, all of which are countries or customs unions, the Ministerial Conference can take decisions on all matters under any of the multilateral trade agreements. When agricultural export subsidies were agreed to be phased out and adoption of the European Unions Everything, the WTO launched the current round of negotiations, the Doha Development Round, at the fourth ministerial conference in Doha, Qatar in November 2001. This was to be an effort to make globalization more inclusive and help the worlds poor, particularly by slashing barriers. The initial agenda comprised both further trade liberalization and new rule-making, underpinned by commitments to strengthen substantial assistance to developing countries. Among the various functions of the WTO, these are regarded by analysts as the most important and it provides a forum for negotiations and for settling disputes. Another priority of the WTO is the assistance of developing, least-developed and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and training
7.
Intellectual property
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Intellectual property refers to creations of the intellect for which a monopoly is assigned to designated owners by law. Intellectual property rights are the protections granted to the creators of IP, and include trademarks, copyright, patents, industrial design rights, and in some jurisdictions trade secrets. Artistic works including music and literature, as well as discoveries, inventions, words, phrases, symbols, the Statute of Monopolies and the British Statute of Anne are seen as the origins of patent law and copyright respectively, firmly establishing the concept of intellectual property. The first known use of the intellectual property dates to 1769. The first clear example of modern usage goes back as early as 1808, the German equivalent was used with the founding of the North German Confederation whose constitution granted legislative power over the protection of intellectual property to the confederation. According to Lemley, it was only at point that the term really began to be used in the United States. The history of patents does not begin with inventions, but rather with royal grants by Queen Elizabeth I for monopoly privileges, the evolution of patents from royal prerogative to common-law doctrine. The term can be used in an October 1845 Massachusetts Circuit Court ruling in the patent case Davoll et al. v. Brown. The statement that discoveries are. property goes back earlier, in Europe, French author A. Nion mentioned propriété intellectuelle in his Droits civils des auteurs, artistes et inventeurs, published in 1846. Until recently, the purpose of property law was to give as little protection as possible in order to encourage innovation. Historically, therefore, they were granted only when they were necessary to encourage invention, limited in time, the concepts origins can potentially be traced back further. In 500 BCE, the government of the Greek state of Sybaris offered one years patent to all who should discover any new refinement in luxury. Intellectual property rights include patents, copyright, industrial design rights, trademarks, plant variety rights, trade dress, geographical indications, a copyright gives the creator of an original work exclusive rights to it, usually for a limited time. Copyright may apply to a range of creative, intellectual, or artistic forms. Copyright does not cover ideas and information themselves, only the form or manner in which they are expressed, an industrial design right protects the visual design of objects that are not purely utilitarian. An industrial design consists of the creation of a shape, configuration or composition of pattern or color, or combination of pattern, an industrial design can be a two- or three-dimensional pattern used to produce a product, industrial commodity or handicraft. Plant breeders rights or plant variety rights are the rights to use a new variety of a plant. The variety must amongst others be novel and distinct and for registration the evaluation of propagating material of the variety is examined, a trademark is a recognizable sign, design or expression which distinguishes products or services of a particular trader from the similar products or services of other traders
8.
Smuggling
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There are various motivations to smuggle. Examples of non-financial motivations include bringing banned items past a security checkpoint or the removal of classified documents from a government or corporate office, Smuggling is a common theme in literature, from Bizets opera Carmen to the James Bond spy books Diamonds are Forever and Goldfinger. The verb smuggle, from Low German schmuggeln or Dutch smokkelen, apparently a frequentative formation of a meaning to sneak. Smuggling has a long and controversial history, probably dating back to the first time at which duties were imposed in any form, in England smuggling first became a recognised problem in the 13th century, following the creation of a national customs collection system by Edward I in 1275. Medieval smuggling tended to focus on the export of highly taxed export goods — notably wool, merchants also, however, sometimes smuggled other goods to circumvent prohibitions or embargoes on particular trades. Most studies of historical smuggling have been based on official sources — such as court records, according to Dr Evan Jones, the trouble with these is that they only detail the activities of those dumb enough to get caught. This has led him and others, such as Prof Huw Bowen to use records to reconstruct smuggling businesses. Grain smuggling by members of the elite, often working closely with corrupt customs officers, has also been shown to have been prevalent in East Anglia during the later 16th century. In England wool was smuggled to the continent in the 17th century, the principal reason for the high duty was the need for the government to finance a number of extremely expensive wars with France and the United States. The thievery was boasted about and romanticized until it seemed a kind of heroism and it did not have any taint of criminality and the whole of the south coast had pockets vying with one another over whose smugglers were the darkest or most daring. The Smugglers Inn was one of the commonest names for a bar on the coast, in Henley Road, smuggling in colonial times was a reaction to the heavy taxes and regulations imposed by mercantilist trade policies. After American independence in 1783, smuggling developed at the edges of the United States at places like Passamaquoddy Bay, St. Marys in Georgia, Lake Champlain, and Louisiana. During Thomas Jeffersons embargo of 1807-1809, these places became the primary places where goods were smuggled out of the nation in defiance of the law. Like Britain, a gradual liberalization of laws as part of the free trade movement meant less smuggling. In 1907 President Theodore Roosevelt tried to cut down on smuggling by establishing the Roosevelt Reservation along the United States-Mexico Border, Smuggling revived in the 1920s during Prohibition, and drug smuggling became a major problem after 1970. In the 1990s, when sanctions were imposed on Serbia. The state unofficially allowed this to continue or otherwise the entire economy would have collapsed, much smuggling occurs when enterprising merchants attempt to supply demand for a good or service that is illegal or heavily taxed. As a result, illegal trafficking, and the smuggling of weapons, as well as the historical staples of smuggling, alcohol
9.
Competition law
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Competition law is a law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement, Competition law is known as anti-trust law in the United States, and as anti-monopoly law in China and Russia. In previous years it has known as trade practices law in the United Kingdom. In the European Union, it is referred to as both antitrust and competition law, the history of competition law reaches back to the Roman Empire. The business practices of market traders, guilds and governments have always been subject to scrutiny, since the 20th century, competition law has become global. The two largest and most influential systems of regulation are United States antitrust law and European Union competition law. National and regional competition authorities across the world have formed international support, modern competition law has historically evolved on a country level to promote and maintain fair competition in markets principally within the territorial boundaries of nation-states. National competition law usually does not cover activity beyond territorial borders unless it has significant effects at nation-state level, countries may allow for extraterritorial jurisdiction in competition cases based on so-called effects doctrine. The protection of competition is governed by international competition agreements. These obligations were not included in GATT, but in 1994, with the conclusion of the Uruguay Round of GATT Multilateral Negotiations, the Agreement Establishing the WTO included a range of limited provisions on various cross-border competition issues on a sector specific basis. Competition law, or antitrust law, has three elements, prohibiting agreements or practices that restrict free trading and competition between business. This includes in particular the repression of trade caused by cartels. Banning abusive behavior by a firm dominating a market, or anti-competitive practices that tend to lead to such a dominant position, Practices controlled in this way may include predatory pricing, tying, price gouging, refusal to deal, and many others. Supervising the mergers and acquisitions of large corporations, including joint ventures. Substance and practice of competition law varies from jurisdiction to jurisdiction, protecting the interests of consumers and ensuring that entrepreneurs have an opportunity to compete in the market economy are often treated as important objectives. In recent decades, competition law has been viewed as a way to better public services. An early example of competition law can be found in Roman law, the Lex Julia de Annona was enacted during the Roman Republic around 50 B. C. To protect the trade, heavy fines were imposed on anyone directly, deliberately
10.
Fair trade
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Fair trade is a social movement whose stated goal is to help producers in developing countries achieve better trading conditions and to promote sustainable farming. Members of the movement advocate the payment of prices to exporters. The movement seeks to promote equity in international trading partnerships through dialogue, transparency. It promotes sustainable development by offering better trading conditions to, and securing the rights of, Fair trade is grounded in three core beliefs, first, producers have the power to express unity with consumers. Secondly, the trade practices that currently exist promote the unequal distribution of wealth between nations. Lastly, buying products from producers in developing countries at a price is a more efficient way of promoting sustainable development than traditional charity. Specifically, fair trade is a partnership, based on dialogue, transparency, and respect. There are several recognized fair trade certifiers, including Fairtrade International, IMO, Make Trade Fair, in 2008, Fairtrade International certified approximately of products. The World Trade Organization publishes annual figures on the trade of goods. The fair trade movement is popular in the UK, where there are 500 Fairtrade towns,118 universities, over 6,000 churches, according to Fairtrade International, nearly six out of ten consumers have seen the Fairtrade mark and almost nine in ten of them trust it. Some criticisms have been raised about fair trade systems, some research indicates that the implementation of certain fair trade standards can cause greater inequalities in some markets where these rigid rules are inappropriate for the specific market. In the Fair trade debate there are complaints of failure to enforce the fair trade standards, with producers, cooperatives, there are a large number of fair trade and ethical marketing organizations employing different marketing strategies. Most fair trade marketers believe it is necessary to sell the products through supermarkets to get a sufficient volume of trade to affect the developing world, the Fairtrade brand is by far the biggest of the fair trade coffee brands. Packers in developed countries pay a fee to The Fairtrade Foundation for the right to use the brand and logo, packers and retailers can charge as much as they want for the coffee. The coffee has to come from a fair trade cooperative. Additionally, the cooperatives are paid an additional 10c per lb premium by buyers for community development projects, the cooperatives can, on average, sell only a third of their output as fair trade, because of lack of demand, and sell the rest at world prices. The exporting cooperative can spend the money in several ways, some is spent on social projects such as building schools, health clinics and baseball pitches. Sometimes there is left over for the farmers
11.
Emissions trading
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Emissions trading or cap and trade is a government-mandated, market-based approach to controlling pollution by providing economic incentives for achieving reductions in the emissions of pollutants. Various countries, states and groups of companies have adopted such trading systems, a central authority allocates or sells a limited number of permits to discharge specific quantities of a specific pollutant per time period. Polluters are required to hold permits in amount equal to their emissions, polluters that want to increase their emissions must buy permits from others willing to sell them. Financial derivatives of permits can also be traded on secondary markets, in theory, polluters who can reduce emissions most cheaply will do so, achieving the emission reduction at the lowest cost to society. Cap and trade is meant to provide the private sector with the flexibility required to reduce emissions while stimulating technological innovation, there are active trading programs in several air pollutants. For greenhouse gases, which climate change, permit units are often called carbon credits. The United States has a market to reduce acid rain. Pollution is the example of a market externality. An externality is an effect of some activity on an entity that is not party to a market related to that activity. Emissions trading is an approach, among others, to address pollution. The overall goal of an emissions trading plan is to minimize the cost of meeting a set emissions target. In an emissions trading system, the government sets a limit on emissions. The government may sell the permits, but in many existing schemes, the baseline is determined by reference to the participants historical emissions. To demonstrate compliance, a participant must hold permits at least equal to the quantity of pollution it actually emitted during the time period, if every participant complies, the total pollution emitted will be at most equal to the sum of individual limits. In effect, the buyer pays a charge for polluting, while the seller gains a reward for having reduced emissions, in many schemes, organizations which do not pollute may also trade permits and financial derivatives of permits. In some schemes, participants can bank allowances to use in future periods, in some schemes, a proportion of all traded permits must be retired periodically, causing a net reduction in emissions over time. Thus, environmental groups may buy and retire permits, driving up the price of the remaining permits according to the law of demand, in most schemes, permit owners can donate permits to a nonprofit entity and receive a tax deduction. Usually, the government lowers the overall limit over time, with an aim towards an emissions reduction target
12.
Timeline of international trade
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The history of international trade chronicles notable events that have affected the trade between various countries. In the 21st century, China, the European Union and the United States are the three largest trading markets in the world, records from the 19th century BCE attest to the existence of an Assyrian merchant colony at Kanesh in Cappadocia. The domestication of camel allows Arabian nomads to control long distance trade in spices, the Egyptians trade in the Red sea, importing spices from the Land of Punt and from Arabia. Indian goods are brought in Arabian vessels to Aden, the ships of Tarshish, a Tyrian fleet equipped at Ezion Geber, make several trading voyages to the East bringing back gold, silver, ivory and precious stones. Tiglath-Pileser III attacks Gaza in order to trade along the Incense Route. The Greek Ptolemaic dynasty exploits trading opportunities with India prior to the Roman involvement, the cargo from the India and Egypt trade is shipped to Aden. With the establishment of Roman Egypt, the Romans initiate trade with India, the goods from the East African trade are landed at one of the three main Roman ports, Arsinoe, Berenice or Myos Hormos. Myos Hormos and Berencie appear to have been important ancient trading ports, gerrha controls the Incense trade routes across Arabia to the Mediterranean and exercises control over the trading of aromatics to Babylon in the 1st century BC. Additionally, it served as a port of entry for goods shipped from India to the East, due to its prominent position in the incense trade, Yemen attracts settlers from the fertile crescent. Pre-Islamic Meccans use the old Incense Route to benefit from the heavy Roman demand for luxury goods, in Java and Borneo, the introduction of Indian culture creates a demand for aromatics. These trading outposts later serve the Chinese and Arab markets, following the demise of the incense trade Yemen takes to the export of coffee via the Red Sea port of al-Mocha. The Abbasids use Alexandria, Damietta, Aden and Siraf as entry ports to India, at the eastern terminus of the Silk Road, the Tang Dynasty Chinese capital at Changan becomes a major metropolitan center for foreign trade, travel, and residence. This role would be assumed by Kaifeng and Hangzhou during the Song Dynasty, guangzhou was Chinas greatest international seaport during the Tang Dynasty, but its importance was eclipsed by the international seaport of Quanzhou during the Song Dynasty. Merchants arriving from India in the city of Aden pay tribute in form of musk, camphor, ambergris and sandalwood to Ibn Ziyad. Indian exports of spices find mention in the works of Ibn Khurdadhbeh, al-Ghafiqi, Ishak bin Imaran, the Hanseatic League secures trading privileges and market rights in England for goods from the Leagues trading cities in 1157. Due to the Turkish hold on the Levant during the half of the 15th century the traditional Spice Route shifts from the Persian Gulf to the Red Sea. In 1492 a Spanish expedition commanded by Christopher Columbus arrive in America, Portuguese diplomat Pero da Covilha undertakes a mission to explore the trade routes of the Near East and the adjoining regions of Asia and Africa. The exploration commenced from Santarém to Barcelona, Naples, Alexandria, Cairo, Portuguese explorer and adventurer Vasco da Gama is credited with establishing another sea route from Europe to India
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