‘Trade’ Archives
Auctions in Britain
Auctions in Britain The major auction houses in Britain are Sotheby’s, Christie’s, Bonham’s and Philips. Scandals over the provenance of antiques in Italy and of the selling on of antiquities from the East have soured the reputation of Sotheby’s. The popular television series Lovejoy thus reflects sceptical public attitudes to the [...]
Trade and Trade Agreements
Trade and Trade Agreements For much of American history, trade policy has meant protection of domestic resources and fledgling industries through tariffs and controls on importation. In the postwar period, however, a stronger America has lowered its own trade barriers substantially while using trade as a carrot and stick, reducing barriers [...]
Free Trade
Free Trade Free Trade, interchange of commodities across political boundaries without restrictions such as tariffs, quotas, or foreign exchange controls. This economic policy contrasts with protectionist policies that use trade restrictions to protect or stimulate domestic industries. Foreign trade doctrines began to develop during the [...]
Caravan Trade
Caravan Trade Caravan (trade), name applied to groups of pilgrims or merchants organized for mutual help and protection against the hazards of travel, particularly on the deserts of Asia and Africa. On these journeys, many of which cover long distances, the beasts of burden most frequently used are the camel, donkey, and, in South America, the [...]
Terms of Trade
Terms of Trade A country’s terms of trade refer to the relative values of its exports and imports. When the terms of trade are good, a country sells, on average, relatively high-valued commodities (e.g., manufactured goods) and imports relatively low-valued ones (e.g., agricultural products). This situation generates foreign revenues that [...]
Auction Market
Auction Market Auctions are a form of trade, a mechanism to match a buyer and seller for any item of value. The valuation of items is usually subjective and is usually achieved through a bidding process that finally ends after the last bid is accepted by the seller. Historical evidence suggests that auctions have been around for about 10,000 [...]
