250 years of world trade history

Adam Smith’s 'The Wealth of Nations' introduced concepts like division of labor, productivity, and free markets

Published in 1776, "The Wealth of Nations" is an influential economic work that laid the foundation for modern economic theory. Smith argued for limited government intervention and touted the benefits of self-regulating markets.

Global trade volume is roughly 45 times what it was when the General Agreement on Tariffs and Trade was founded

Since 1950, world trade values have grown nearly 410 times, mainly due to the successive tariff reductions negotiated under GATT and the WTO.

The history of the World Trade Organization

This episode of the "Brettonomics with Nancy Jackson" podcast explores the history of the WTO and its predecessor, the GATT, revealing the key people, negotiations, and decisions that shaped today's international trade rules.

Hamilton learned about global trade before he was a teenager

Before he moved to America, Hamilton worked as a clerk around age 12 at the Caribbean trading firm Beekman and Cruger, handling shipping documents, inspections, and port logistics. He eventually managed the day-to-day operations of a trading charter that immersed him early in Atlantic commerce.

The Smoot-Hawley Tariff Act is among the most famous pieces of economic legislation in the US

In a desperate move to save the economy from the deepening global depression, the US placed tariffs on thousands of goods from abroad. This approach backfired, as many of America’s trade partners took retaliatory measures.

Trade between the US and China has increased in recent decades

After China joined the World Trade Organization in 2001, the trade partnership between the US and China bloomed. But it's not without pros and cons, including lower prices for US consumers and higher profits for US corporations alongside the loss of American jobs due to import competition and multinational companies moving overseas.

Some scholars consider the Bretton Woods system one of the best foreign policy decisions in US history

A survey of historians by the Council on Foreign Relations ranked the creation of the Bretton Woods system among the top 10 foreign policy decisions in US history, highlighting its role in establishing postwar stability, prosperity, and decades of economic growth.

Read an overview of US tariff policy before the second Trump Administration

This comprehensive report from the Congressional Research Service explores the evolving role of tariffs—from a major source of government revenue to a tool for trade and foreign policy—providing insights into current practices, legal foundations, and global trade dynamics.

Trade and tariffs in the Roman world

Trade between nations and empires date back thousands of years, including the use of tariffs to raise government revenue.

American modernism highlighted a rapidly changing America

Featuring work from 1915 to 1950, the movement illustrates the country's evolution between World War I and World War II. Artists captured the loss and uncertainty of a post-war, industrialized world.

Read how Fordism helped invent the American middle class

Henry Ford's revolution of the assembly line and American manufacturing as a whole gave rise to the American middle class. The introduction of the $5 workday (in exchange for eight-hour days of highly repetitive work) raised factory workers' wages enough to reorient the economy around consumer demand.

The first recorded worker strike in the United States happened in 1768

That year, journeymen tailors went on strike to protest a wage reduction. By 1794, cobblers in Philadelphia formed the nation’s first trade union, the Federal Society of Journeymen Cordwainers. But that’s just the beginning of labor union history in the US.

Franklin D. Roosevelt's 1941 speech framed World War II as a global fight for universal rights

Eleven months before the attack on Pearl Harbor, President Roosevelt outlined four fundamental freedoms that, in his words, people "everywhere in the world" ought to enjoy—speech, worship, freedom from want, and freedom from fear.

The century of the Panama Canal

The Panama Canal connects the Atlantic and Pacific Oceans through a 51-mile route that transformed global shipping when it opened in 1914. This breakdown covers how it was built, the workers behind its construction, and why its future may be challenged by climate and competition.

Thomas Cook invented modern tourism

In the mid-1800s, Cook took wealthy Britons on tours of Europe, Africa, the Middle East, and the US, often packaging together transportation, lodging, and food, effectively creating the modern travel agent. He also pioneered travel writing, with “Travellers Handbooks” offering tourists tips for visiting various countries.

The US used military pressure to force Japan to open to foreign trade in the 1850s

Commodore Matthew Perry arrived in Edo Bay (now Tokyo Bay) with heavily armed warships, pressuring Japan to open its ports. His expeditions led to the 1854 Treaty of Kanagawa, which opened two ports for supplies and established formal US-Japan relations. Full commercial trade followed later under the 1858 Harris Treaty.

Learn about the long and contested history of free speech in America

This podcast examines how American free speech protections evolved—from the Founders' debates to landmark Supreme Court rulings—and why the country arrived at one of the most expansive speech regimes in the world.

Commodity traders are the most powerful people you've never heard of

Just beneath the surface of the global economy is a hidden layer of dealmakers for whom war, chaos, and sanctions can be a great business opportunity—they're called commodity traders. Their power partly stems from the fact that commodities are essentially the building blocks of the economy at large.

World War I brought attention to US reliance on mineral imports

Domestic stockpiles were inadequate for the extended trade disruptions caused by the four-year war. In response, the US Geological Survey increased its geological mapping to help search for important metals alongside new oil fields for fuel.

The history of the world map

What did people used to think the world looked like? From the beginning of human history to right before the age of exploration, learn how the world maps were created.

Read about the history of the Sherman Antitrust Act, the first law to ban monopolistic behavior

In its later years, Standard Oil formed a business trust that reflected the company's exponential growth. Politicians wanted to prevent such trusts and used the Sherman Antitrust Act to force Standard Oil to break up.

Hear how the world reacted to the American Civil War

European nations closely watched the Civil War for its economic and political consequences. Some European nations quietly engaged diplomatically with the Confederacy but withheld recognition. When the Union made slavery's abolition a central cause, European public opinion turned sharply against the South.

A stock market timeline

The stock market has come a long way since the 1600s, when the first version of a stock exchange was created in Amsterdam. Mile markers along the way include everything from the Dow Jones Industrial Average's creation in 1896 to the stock market woes during the COVID-19 pandemic in 2020.

The Smithsonian was first funded by a man who never visited the US

The Smithsonian Institution was established through a gift in the will of James Smithson, a British scientist who never visited America but left his fortune to establish an institution dedicated to the "increase and diffusion of knowledge."

British rule in India wasn’t deliberate—it developed from trade

This academic explainer shows how Britain’s rule in India evolved from unplanned trading footholds to complete imperial control. It examines the decline of the Mughal Empire, economic expansion, racism, rebellion, and the mixed legacy of institutions and exploitation that still shape India today.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

Hear about the 250-year history of the United States Postal Service, complete with some of its strangest deliveries, important innovations, and the figures that made it an American institution.

After the Boston Tea Party, colonists switched to coffee, which became the main morning drink for revolutionaries.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

At the beginning of the 20th century, a group of young men ate standard American food—replete with food additives like borax and formaldehyde—as part of government research to better understand food safety.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

Explore an interactive map of battles from the American Revolution, along with detailed summaries of each engagement

The American cockroach is actually from Africa, an apparent hitchhiker aboard ships carrying enslaved people, with evidence suggesting the bug may have arrived in the New World as early as the 1600s.

In 1915, workers recovered a submarine-like vessel from the Chicago River, prompting fears of German espionage

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

Explore the history, structure, and species of Australia's Great Barrier Reef with this interactive journey narrated by Sir David Attenborough.

In its famous catalog, Sears sold $600 DIY house kits from 1908 through the 1940s, resulting in an estimated 100,000 'Sears and Roebuck homes.'

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

20,000 letters to the advice columnist 'Dear Abby' provide insight into prevailing sex, religion, and LGBTQ fears, anxieties, and concerns from the 1950s onward.

The Brothers Grimm were lawyers before they were storytellers, but became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

After NASA's Voyager 1 captured Earth as a single pixel as it left the solar system in 1990, astronomer Carl Sagan used the image to reflect on humanity's fragility and the responsibility to protect 'the only world we've ever known.'

Explore a list of the 100 best novels of all time, compiled by some of the world's best living writers, including Salman Rushdie, Stephen King, and Jennifer Egan.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

The Mona Lisa's celebrity status and repeated restorations have obscured what made the painting so revolutionary for its time

The most expensive ad of all time was for Chanel No. 5 perfume and cost roughly $33M to produce in 2004—about $57M in today's dollars.

Quincy Jones' 'Big Band Bossa Nova' helped introduce bossa nova—a jazz-influenced Brazilian genre—to the US