World Trade

Definition

World trade refers to the exchange of goods, services, and resources between different countries or regions across the globe. It involves both imports (goods coming into a country) and exports (goods leaving a country).

Related terms

Silk Road: An ancient network of trade routes connecting East Asia with Europe and Africa. It facilitated the exchange of goods, ideas, and cultures between different civilizations.

Mercantilism: An economic theory prevalent during the 16th to 18th centuries that promoted government control over trade in order to accumulate wealth through exports and favorable trade balances.

Globalization: The increasing interconnectedness of economies, societies, and cultures around the world through trade, communication, and technological advancements.