International Trade

Timeline -The Canada-United States Free Trade Agreement is signed.

The international barter between
cultures arises, this practice is
largely due to India, Egypt,
Phoenicia, Carthage, Greece and
Rome. The exchange of spices,
textiles, wood, among others, took
place.
Barter
I Century
-The General Agreement on Tariffs and Trade (GATT) is
created.
Industrial Revolution -The International Labour Organization (ILO) is established to
The meeting of traders regulated by
legal provisions arises.
and Neoclassical promote decent work.
Theory -The European Economic Community EEC, which becomes the
Intercontinental trade routes are It was the initial stage in the
European Union EU (1993), is created.
created, trying to supply the high history of economic policy theory, The European economy witnessed -The United Nations Conference on Trade and Development
which facilitated the exchange of changes in its structure thanks to
European demand. UNCTAD is created.
goods. increases in labor productivity -Trade agreement between Colombia and CAN.
Trade Fairs and It focused on foreign trade as a due to new production techniques
source of economic development. and capital, increasing workers'
-The World Trade Organization WTO is established to promote
international trade.
Trade Routes wages, raising the standard of
Mercantilism -Trade agreement between Colombia and Panama and Chile.
living of the population. -Trade agreement between Colombia and CAN.

XV XVII XIX XX
Century Century Century Century

700a.C
Neolithic
Discovery of agriculture.
Needs arose, communities
diversified trades, pottery and
iron and steel making were
born.
XIV
Century
Emergence of
Currency-The feudal
System
Using money in commercial transactions
boosted the economy and it was the
Romans who employed pure gold
currency.
The merchant takes possession of the
new figures of commercial relationship:
Market, Money, Commodity.
XVI XVIII
Century Century
Capitalism and
Classical
Transatlantic Trade
Theory
The Spanish trade balance is created, which
ensures that exports are greater than
Economic thought that rejected state
intervention and studied the relationship
imports. between capital and labor in production
Trade becomes one of the major sources processes. Among the main theories they
of wealth.
contributed are:
The change from sailing to steamship
International price relations (David Hume).
improves and speeds up trade.
Absolute advantages (Adam Smith).
Comparative advantages (David Ricardo).
Reciprocal demand (John Stuart Mill).
Competitive advantages (Michael Porter).
XX
Century
XX
-The Canada-United States Free Trade Agreement is signed.
Century -The General Agreement on Tariffs and Trade (GATT) is
created.
Theory of factor -The International Labour Organization (ILO) is established
advantage, Theory of to promote decent work.
-The European Economic Community EEC, which becomes
income and Theory of the European Union EU (1993), is created.
deterioration in the -The United Nations Conference on Trade and Development
terms of trade. UNCTAD is created.
-Trade agreement between Colombia and CAN.
The first basically studies the specialization
-The World Trade Organization WTO is established to
of countries in foreign trade according to
promote international trade.
the endowment or availability of factors.
-Trade agreement between Colombia and Panama and Chile.
The second was a response to the Great
-Trade agreement between Colombia and CAN.
Depression, creating the Keynesian model.
The last one, developed in the middle of the
century by Raul Prebisch.