Global Trade and Development: The Good, Bad, and Unanticipated 1600-1800

Abstract

This paper focuses on two aspects of global trade. First, I explore how the growth of long-distance trade affected consumers in different parts of the world—I place particular emphasis upon indigenous consumers in sub-arctic Canada. The expansion of long-distance trade in the aftermath of the voyages of discovery made a large array of new goods available to indigenous peoples in the Americas, thus reducing labor expended in home production. The second aspect discussed is the positive impact of using transferable, limited-liability shares to finance companies and the growth of the capital market.