can be regulated by bilateral treaties between countries. However, after the second world war and the rise of free trade among nations, multilateral arrangements such as the GATT and later the World Trade Organization became the principal systems regulating global commerce. The International Chamber of Commerce (ICC) is another important organization which sets rules and resolves disputes in international commerce. Etymology The English-language word commerce has been derived from the Latin word commercium, from com ("together") and merx ("merchandise"). History Historian Peter Watson and Ramesh Manickam date the history of long-distance commerce from circa 150,000 years ago. In historic times, the introduction of currency as a standardized money facilitated the exchange of goods and services. Banking systems developed in medieval Europe, facilitating financial transactions across national boundaries. Markets became a feature of town life, and were regulated by town authorities. See also Bachelor of Business Administration Bachelor of Commerce Master of Commerce Doctor of Commerce Business Capitalism Commercial law Advertising Distribution (business) Wholesale Retailing Cargo Eco commerce Economy Electronic commerce Export Fair Financial planning (business) Fishery Harvest Import Laissez-faire Manufacturing Market (economics) Marketing Marketplace Mass production Master of Commerce Merchandising Roman commerce Trade International trade Value (economics) References Trade