The world has a long, rich history of international trade among nations that can be traced back to early Assyrian, Babylonian, Egyptian, and Phoenician civilizations. These and other early civilizations recognized that trade can be tied directly to an improved quality of life for the citizens of all the partners. Today, the practice of trade among nations is growing by leaps and bounds. There is hardly a person on earth who has not been influenced in some way by the growing trade among nations.

Why International Trade?

One of the most logical questions to ask is, why do modern countries trade with one another? There are numerous reasons that countries engage in international trade. Some countries are deficient in critical raw materials, such as lumber or oil. To make up for these various deficiencies, countries must engage in international trade to obtain the resources necessary to...