Commerce traces its origins to ancient localized barter systems, leading to the establishment of periodic marketplaces, and culminating in the development of currencies for efficient trade. In medieval times, trade routes (like the Silk Road) with pivotal commercial hubs (like Venice) connected regions and continents, enabling long-distance trade and cultural exchange. From the 15th to the early 20th century, European colonial powers dominated global commerce on an unprecedented scale, giving rise to maritime trade empires with their powerful colonial trade companies (e.g., Dutch East India Company and British East India Company) and ushering in an unprecedented global exchange (see Columbian exchange). In the 19th century, modern banking and related international markets along with the Industrial Revolution fundamentally reshaped commerce. In the post-colonial 20th century, free market principles gained ground, multinational corporations and consumer economies thrived in U.S.-led capitalist countries and free trade agreements (like GATT and WTO) emerged, whereas communist economies encountered trade restrictions, limiting consumer choice. Furthermore, in the mid-20th century, the adoption of standardized shipping containers facilitated seamless and efficient intermodal freight transport, leading to a surge in international trade. By the century's end, developing countries saw their share in world trade rise from a quarter to a third. 21st century commerce is increasingly technology-driven (see e-commerce), globalized, intricately regulated, ethically responsible and sustainability-focused, with multilateral economic integrations (like the European Union) or coalitions (like BRICS) leading to its reconfiguration.
Commerce traces its origins to ancient localized barter systems leading to the establishment of periodic marketplaces and culminating in the development of currencies for efficient trade In medieval times trade routes (like the Silk Road) with pivotal commercial hubs (like Venice) connected regions and continents enabling long-distance trade and cultural exchange From the 15th to the early 20th century European colonial powers dominated global commerce on an unprecedented scale giving rise to maritime trade empires with their powerful colonial trade companies (eg Dutch East India Company and British East India Company) and ushering in an unprecedented global exchange (see Columbian exchange) In the 19th century modern banking and related international markets along with the Industrial Revolution fundamentally reshaped commerce In the post-colonial 20th century free market principles gained ground multinational corporations and consumer economies thrived in US-led capitalist countries and free trade agreements (like GATT and WTO) emerged whereas communist economies encountered trade restrictions limiting consumer choice Furthermore in the mid-20th century the adoption of standardized shipping containers facilitated seamless and efficient intermodal freight transport leading to a surge in international trade By the century's end developing countries saw their share in world trade rise from a quarter to a third 21st century commerce is increasingly technology-driven (see e-commerce) globalized intricately regulated ethically responsible and sustainability-focused with multilateral economic integrations (like the European Union) or coalitions (like BRICS) leading to its reconfiguration