Trade
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[[Image:Commerce-alimentation-generale-paris.jpg|thumb|A fruit stand at a market.]]
'''Trade''' is the exchange of [[good (accounting)|goods]], [[Service (economics)|services]], or both. Trade is also called [[commerce]]. A mechanism that allows trade is called a [[market]]. The original form of trade was [[barter (economics)|barter]], the direct exchange of goods and services. Modern traders instead generally negotiate through a medium of exchange, such as [[money]]. As a result, '''buying''' can be separated from '''selling''', or [[earning]]. The invention of money (and later credit, paper money and non-physical money) greatly simplified and promoted trade. Trade between two traders is called bilateral trade, while trade between more than two traders is called multilateral trade.
Trade exists for many reasons. Due to specialisation and division of labor, most people concentrate on a small aspect of production, trading for other products. Trade exists between regions because different regions have a [[comparative advantage]] in the production of some tradable commodity, or because different regions' size allows for the benefits of [[mass production]]. As such, trade at [[market price]]s between locations benefits both locations.
Trading can also refer to the action performed by [[trader (finance)|traders]] and other market agents in the [[financial markets]].
== History of trade==
{{main|History of trade|Trade route}}
{{Trade route}}
Trade originated with the [[history of communication|start of communication]] in [[prehistoric]] times. Trading was the main facility of prehistoric people, who bartered goods and services from each other before the innovation of the modern day currency. [[Peter Watson (business writer)|Peter Watson]] dates the [[History of international trade|history of long-distance commerce]] from [[circa]] 150,000 years ago.<ref name="ideas150">{{cite book | author=Watson, Peter | title=Ideas : A History of Thought and Invention from Fire to Freud | publisher=HarperCollins | year=2005| id=ISBN 0-06-621064-X}} Introduction.</ref>
Trade is believed to have taken place throughout much of recorded human history. There is evidence of the exchange of [[obsidian]] and [[flint]] during the [[stone age]]. Materials used for creating [[jewelry]] were traded with [[Egypt]] since 3000 BC. Long-range trade routes first appeared in the [[3rd millennium BC]], when [[Sumerians]] in [[Mesopotamia]] traded with the [[Indus Valley Civilization|Harappan civilization]] of the [[Indus River|Indus Valley]]. The [[Phoenicians]] were noted sea traders, traveling across the [[Mediterranean Sea]], and as far north as [[Prehistoric Britain|Britain]] for sources of [[tin]] to manufacture [[bronze]]. For this purpose they established trade colonies the Greeks called [[Emporia (ancient Greece)|emporia]]. From the beginning of [[Greece|Greek]] [[civilization]] until the fall of the [[Roman empire]] in the 5th century, a financially lucrative trade brought valuable [[spice]] to Europe from the far east, including [[China]]. [[Roman commerce]] allowed its empire to flourish and endure. The Roman empire produced a stable and secure transportation network that enabled the shipment of trade goods without fear of significant [[piracy]].
The fall of the Roman empire, and the succeeding [[Dark Ages]] brought instability to [[Western Europe]] and a near collapse of the trade network. Nevertheless some trade did occur. For instance, [[Radhanite]]s were a medieval guild or group (the precise meaning of the word is lost to history) of [[Jew]]ish merchants who traded between the [[Christian]]s in [[Europe]] and the [[Muslim]]s of the [[Near East]].
The [[Sogdian]]s dominated the East-West trade route known as the [[Silk Road]] after the 4th century AD up to the 8th century AD, with [[Suyab]] and [[Taraz|Talas]] ranking among their main centeres in the north. They were the main caravan merchants of [[Central Asia]].
From the 8th to the 11th century, the [[Viking]]s and [[Varangians]] traded as they sailed from and to [[Scandinavia]]. Vikings sailed to Western Europe, while Varangians to [[Russia]]. The Hanseatic League was an alliance of trading cities that maintained a trade monopoly over most of [[Northern Europe]] and the [[Baltic region|Baltic]], between the 13th and 17th centuries.
[[Vasco da Gama]] restarted the European [[Spice trade]] in 1498. Prior to his sailing around [[Africa]], the flow of spice into Europe was controlled by Islamic powers, especially Egypt. The spice trade was of major economic importance and helped spur the [[Age of Exploration]]. [[Spice]]s brought to Europe from distant lands were some of the most valuable commodities for their weight, sometimes rivaling [[gold]].
In the 16th century, [[Holland]] was the centre of free trade, imposing no [[exchange control]]s, and advocating the free movement of goods. Trade in the [[East Indies]] was dominated by [[Portugal]] in the 16th century, the [[Netherlands]] in the 17th century, and the [[United Kingdom|British]] in the 18th century. The [[Spanish Empire]] developed regular trade links across both the [[Atlantic Ocean| Atlantic]] and the [[Pacific Ocean| Pacific]] Oceans.
In 1776, [[Adam Smith]] published the paper ''[[An Inquiry into the Nature and Causes of the Wealth of Nations]]''. It criticised [[Mercantilism]], and argued that [[economic]] [[specialization|specialisation]] could benefit nations just as much as firms. Since the [[division of labour]] was restricted by the size of the market, he said that countries having access to larger markets would be able to divide labour more efficiently and thereby become more [[productive]]. Smith said that he considered all rationalisations of [[International trade|import]] and [[export]] controls "dupery", which hurt the trading nation at the expense of specific industries.
In 1799, the [[Dutch East India Company]], formerly the world's largest company, became [[bankrupt]], partly due to the rise of competitive free trade.
In 1817, [[David Ricardo]], [[James Mill]] and [[Robert Torrens]] showed that free trade would benefit the industrially weak as well as the strong, in the famous theory of comparative advantage. In [[Principles of Political Economy and Taxation]] Ricardo advanced the doctrine still considered the most counterintuitive in [[economics]]:
: ''When an inefficient producer sends the merchandise it produces best to a country able to produce it more efficiently, both countries benefit.''
The ascendancy of free trade was primarily based on national advantage in the mid 19th century. That is, the calculation made was whether it was in any particular country's self-interest to open its borders to imports.
[[John Stuart Mill]] proved that a country with [[monopoly]] pricing power on the international market could manipulate the [[terms of trade]] through maintaining [[tariff]]s, and that the response to this might be [[Reciprocity (international relations)|reciprocity]] in trade policy. Ricardo and others had suggested this earlier. This was taken as evidence against the universal doctrine of free trade, as it was believed that more of the [[economic surplus]] of trade would accrue to a country following ''reciprocal'', rather than completely free, trade policies. This was followed within a few years by the [[infant industry]] scenario developed by Mill promoting the theory that government had the "duty" to [[protectionism|protect]] young industries, although only for a time necessary for them to develop full capacity. This became the policy in many countries attempting to [[industrialize|industrialise]] and out-compete [[England|English]] exporters. Milton Freidman later continued this vein of thought, showing that in a few circumstances tariffs might be beneficial to the host country; but never for the world at large.<ref> Price theory Milton Freidman</ref>
The [[Great Depression]] was a major economic recession that ran from 1929 to the late 1930s. During this period, there was a great drop in trade and other economic indicators.
The lack of free trade was considered by many as a principal cause of the depression. Only during the [[World War II]] the recession ended in United States. Also during the war, in 1944, 44 countries signed the Bretton Woods Agreement, intended to prevent national trade barriers, to avoid depressions. It set up rules and institutions to regulate the [[international political economy]]: the International Monetary Fund and the International Bank for Reconstruction and Development (later divided into the World Bank and Bank for International Settlements). These organisations became operational in 1946 after enough countries ratified the agreement. In 1947, 23 countries agreed to the [[General Agreement on Tariffs and Trade]] to promote free trade.
Free trade advanced further in the late 20th century and early 2000s:
* 1992 [[European Union]] lifted barriers to internal trade in [[good (accounting)|goods]] and [[labour (economics)|labour]].
* [[January 1]][[1994]] [[NAFTA]] took effect
* 1994 The GATT [[Marrakech Agreement]] specified formation of the WTO.
* [[January 1]][[1995]] [[World Trade Organization]] was created to facilitate [[free trade]], by mandating mutual [[most favoured nation]] trading status between all signatories.
* EC was transformed into the European Union, which accomplished the Economic and Monnetary Union (EMU) in 2002, through introducing the Euro , and creating this way a real single market between 13 member states as of January 1, 2007.
* 2005, the [[Central American Free Trade Agreement]] was signed; It includes the United States and the Dominican Republic.
===Development of money===
:''Main article: [[History of money]]''
The first instances of money were objects with intrinsic value. This is called [[commodity money]] and includes any commonly-available commodity that has intrinsic value; historical examples include pigs, rare seashells, whale's teeth, and (often) cattle. In medieval [[Iraq]], bread was used as an early form of money. In [[Mexico]] under [[Montezuma]] cocoa beans were money. [http://www.foodrevolution.org/slavery_chocolate.htm]
[[Image:Maximinus denarius.jpg|right|thumb|[[Ancient Rome|Roman]] [[denarius]]]]
[[Currency]] was introduced as a standardised money to facilitate a wider exchange of goods and services. This first stage of currency, where metals were used to represent stored value, and symbols to represent commodities, formed the basis of trade in the Fertile Crescent for over 1500 years.
[[Numismatist]]s have examples of coins from the earliest large-scale societies, although these were initially unmarked lumps of [[precious metal]].<ref name="originsofmoney">[[Gold]] was an especially common form of early money, as described in [http://www.ex.ac.uk/~RDavies/arian/origins.html Origins of Money and of Banking] {{cite book | author=Davies, Glyn | title=Ideas : A history of money from ancient times to the present day | publisher=University of Wales Press | year=2002| id=ISBN 0-7083-1717-0}}</ref>
Ancient Sparta minted [[coins]] from iron to discourage its citizens from engaging in foreign trade.
The system of commodity money in many instances evolved into a system of [[representative money]]. In this system, the material that constitutes the money itself had very little intrinsic value, but nonetheless such money achieves significant market value through scarcity or controlled supply.
===Current trends===
====Doha rounds====
{{main|Doha round}}
The Doha round of [[World Trade Organization]] negotiations aims to lower [[trade barrier|barriers to trade]] around the world, with a focus on making [[fair trade|trade fairer]] for [[developing countries]]. Talks have been hung over a divide between the rich, [[developed countries]], and the major developing countries (represented by the [[G20]]). [[Agricultural subsidies]] are the most significant issue upon which agreement has been hardest to negotiate. By contrast, there was much agreement on [[trade facilitation]] and capacity building.
The Doha round began in [[Doha]], [[Qatar]], and negotiations have subsequently continued in: [[Cancún]], [[Mexico]]; [[Geneva]], [[Switzerland]]; and [[Paris]], [[France]] and Hong Kong.
====China====
Beginning around 1978, the government of the [[People's Republic of China]] (PRC) began an experiment in economic reform. Previously the [[Communist]] nation had employed the [[USSR|Soviet]]-style [[centrally planned economy]], with limited results. They would now utilise a more [[market-oriented economy]], particularly in the so-called [[Special Economic Zone]]s located in the [[Guangdong]], [[Fujian]], and [[Hainan]].
This reform has been spectacularly successful. By 2004, the [[GDP]] of the nation has quadrupled since 1978 and foreign trade exceeded USD 1 trillion. As of 2005, China had become the 3rd largest exporter behind Germany and the United States. This occurred in spite of the backlash from the shootings following [[Tiananmen Square protests of 1989]]. The PRC maintains a USD 29 billion trade surplus, and is rapidly becoming a leader in industrial manufacturing.
In 1991 the PRC joined the [[Asia-Pacific Economic Cooperation]] group, a trade-promotion forum. More recently, in 2001 they also joined the [[World Trade Organization]].
''See also:'' [[Economy of the People's Republic of China]]
==International trade==
:''Main article: [[International trade]]''
{{trade bloc}}
International trade is the exchange of goods and services across national borders. In most countries, it represents a significant part of [[Gross Domestic Product|GDP]]. While international trade has been present throughout much of history (see [[Silk Road]], [[Amber Road]]), its economic, social, and political importance have increased in recent centuries, mainly because of [[Industrialization|Industrialisation]], advanced transportation, [[globalization|globalisation]], [[multinational corporation]]s, and [[outsourcing]]. In fact, it is probably the increasing prevalence of international trade that is usually meant by the term "globalisation".
Empirical evidence for the success of trade can be seen in the contrast between countries such as [[South Korea]], which adopted a policy of [[export-oriented industrialization|export-oriented industrialisation]], and [[India]], which historically had a more closed policy (although it has begun to open its economy, as of 2005). South Korea has done much better by economic criteria than India over the past fifty years, though its success also has to do with effective state institutions.
[[Trade sanctions]] against a specific country are sometimes imposed, in order to punish that country for some action. An [[embargo]], a severe form of externally imposed isolation, is a blockade of all trade by one country on another. For example, the United States has had an [[United States embargo against Cuba|embargo]] against [[Cuba]] for over 40 years.
Although there are usually few trade restrictions within countries, international trade is usually regulated by governmental quotas and restrictions, and often taxed by tariffs. Tariffs are usually on imports, but sometimes countries may impose export tariffs or [[subsidy|subsidies]]. All of these are called '''trade barriers'''. If a government removes all [[trade barrier]]s, a condition of free trade exists. A government that implements a [[protectionism|protectionist]] policy establishes trade barriers.
The '''fair trade''' movement, also known as the '''trade justice''' movement, promotes the use of [[Manual labour|labour]], [[environmental movement|environmental]] and [[social]] standards for the production of [[commodities]], particularly those exported from the [[Third World|Third]] and [[Second World]]s to the [[First World]].
Standards may be voluntarily adhered to by importing firms, or enforced by governments through a combination of [[employment law|employment]] and [[commercial law]]. Proposed and practiced fair trade policies vary widely, ranging from the commonly adhered to prohibition of [[good (economics)|goods]] made using [[slave labour]] to minimum [[price support]] schemes such as those for coffee in the 1980s. [[Non-governmental organization]]s also play a role in promoting fair trade standards by serving as independent monitors of compliance with [[fairtrade labelling]] requirements.
{| border="1" align="right" cellpadding="4" cellspacing="0" width="15" style="margin: 0 0 1em 1em; ; border: 1px #aaa solid; border-collapse: collapse"
|-
| colspan="5" bgcolor="#FFDEAD" | <center>Leading IMPORTERS in world trade<br> in merchandise, data from [[WTO]], 2005</center>
|-
| bgcolor="#EEDFCC"| Rank || bgcolor="#EEDFCC"| Country
| bgcolor="#EEDFCC"|Value<br> bn USD||bgcolor="#EEDFCC"|Share %||bgcolor="#EEDFCC"|annual %<br>change
|-
| bgcolor="#EEDFCC"| '''1'''|| bgcolor="#FFEFDB"| {{USA}}
| bgcolor="#FFEFDB"|1,732.4||bgcolor="#FFEFDB"|16.1||bgcolor="#FFEFDB"|14
|-
| bgcolor="#EEDFCC"|''' 2'''|| bgcolor="#FFEFDB" | {{DEU}}
| bgcolor="#FFEFDB" |773.8||bgcolor="#FFEFDB"|7.2||bgcolor="#FFEFDB"|8
|-
| bgcolor="#EEDFCC"| '''3''' || bgcolor="#FFEFDB" | {{CHN}}
| bgcolor="#FFEFDB" |660.0||bgcolor="#FFEFDB"|6.1||bgcolor="#FFEFDB"|18
|-
| bgcolor="#EEDFCC"| '''4'''|| bgcolor="#FFEFDB" | {{JPN}}
| bgcolor="#FFEFDB" |514.9||bgcolor="#FFEFDB"|4.8||bgcolor="#FFEFDB"|13
|-
| bgcolor="#EEDFCC"|'''5'''|| bgcolor="#FFEFDB" | {{UK}}
| bgcolor="#FFEFDB" |510.2||bgcolor="#FFEFDB"|4.7||bgcolor="#FFEFDB"|8
|-
| bgcolor="#EEDFCC"| '''6'''|| bgcolor="#FFEFDB" | {{FRA}}
| bgcolor="#FFEFDB"|497.9||bgcolor="#FFEFDB"|4.6||bgcolor="#FFEFDB"|6
|-
| bgcolor="#EEDFCC"| '''7''' || bgcolor="#FFEFDB" | {{ITA}}
| bgcolor="#FFEFDB" |379.8||bgcolor="#FFEFDB"|3.5||bgcolor="#FFEFDB"|7
|-
| bgcolor="#EEDFCC"|'''8'''|| bgcolor="#FFEFDB" | {{NLD}}
| bgcolor="#FFEFDB" |359.1||bgcolor="#FFEFDB"|3.3||bgcolor="#FFEFDB"|12
|-
| bgcolor="#EEDFCC"|'''9''' ||bgcolor="#FFEFDB" |{{CAN}}
| bgcolor="#FFEFDB" |319.7||bgcolor="#FFEFDB"|3.0||bgcolor="#FFEFDB"|15
|-
| bgcolor="#EEDFCC"| '''10'''|| bgcolor="#FFEFDB" | {{BEL}}
| bgcolor="#FFEFDB" |318.7||bgcolor="#FFEFDB"|3.0||bgcolor="#FFEFDB"|12
|-
|}
{| border="1" align="right" cellpadding="4" cellspacing="0" width="50" style="margin: 0 0 1em 1em; ; border: 1px #aaa solid; border-collapse: collapse"
|-
| colspan="5" bgcolor="#FFDEAD" | <center>Leading EXPORTERS in world trade<br> in merchandise, data from [[WTO]], 2005</center>
|-
| bgcolor="#EEDFCC"| Rank || bgcolor="#EEDFCC"| Country
| bgcolor="#EEDFCC"|Value<br> bn USD||bgcolor="#EEDFCC"|Share %||bgcolor="#EEDFCC"|annual %<br>change
|-
| bgcolor="#EEDFCC"| '''1'''|| bgcolor="#FFEFDB"| {{DEU}}
| bgcolor="#FFEFDB"|969.9||bgcolor="#FFEFDB"|9.3||bgcolor="#FFEFDB"|7
|-
| bgcolor="#EEDFCC"|''' 2'''|| bgcolor="#FFEFDB" | {{USA}}
| bgcolor="#FFEFDB" |904.4||bgcolor="#FFEFDB"|8.7||bgcolor="#FFEFDB"|10
|-
| bgcolor="#EEDFCC"| '''3''' || bgcolor="#FFEFDB" | {{CHN}}
| bgcolor="#FFEFDB" |762.0||bgcolor="#FFEFDB"|7.3||bgcolor="#FFEFDB"|28
|-
| bgcolor="#EEDFCC"| '''4'''|| bgcolor="#FFEFDB" | {{JPN}}
| bgcolor="#FFEFDB"|594.9||bgcolor="#FFEFDB"|5.7||bgcolor="#FFEFDB"|5
|-
| bgcolor="#EEDFCC"| '''5'''|| bgcolor="#FFEFDB" | {{FRA}}
| bgcolor="#FFEFDB" |460.2||bgcolor="#FFEFDB"|4.4||bgcolor="#FFEFDB"|2
|-
| bgcolor="#EEDFCC"|'''6'''|| bgcolor="#FFEFDB" | {{NLD}}
| bgcolor="#FFEFDB" |402.4||bgcolor="#FFEFDB"|3.9||bgcolor="#FFEFDB"|13
|-
| bgcolor="#EEDFCC"| '''7''' || bgcolor="#FFEFDB" | {{UK}}
| bgcolor="#FFEFDB" |382.8||bgcolor="#FFEFDB"|3.7||bgcolor="#FFEFDB"|10
|-
| bgcolor="#EEDFCC"|'''8'''|| bgcolor="#FFEFDB" | {{ITA}}
| bgcolor="#FFEFDB" |367.2||bgcolor="#FFEFDB"|3.5||bgcolor="#FFEFDB"|4
|-
| bgcolor="#EEDFCC"| '''9'''|| bgcolor="#FFEFDB" | {{CAN}}
| bgcolor="#FFEFDB" |359.4||bgcolor="#FFEFDB"|3.4||bgcolor="#FFEFDB"|14
|-
| bgcolor="#EEDFCC"|'''10''' ||bgcolor="#FFEFDB" |{{BEL}}
| bgcolor="#FFEFDB" |334.3||bgcolor="#FFEFDB"|3.2||bgcolor="#FFEFDB"|9
|-
|}
== Organization of trade==
Patterns of organizing and administering trade include:
* [[State]] control - trade centrally controlled by government planning.
** Laws regulating Trade and establishing a framework such as [[trade law]], [[tariffs]], support for [[intellectual property]], opposition to [[dumping (pricing policy)|dumping]].
* [[Guild]] control - trade controlled by private business associations holding either de facto or government-granted power to exclude new entrants.
** In contemporary times, the language has evolved to business and professional organizations, often controlled by [[academia]]. For example in many states, a person may not practice the professions of [[engineer]]ing, [[lawyer|law]], [[law enforcement agency|law enforcement]], [[Physician|medicine]], and [[teacher|teaching]] unless they have a [[college degree]] and, in some cases, a [[license]].
* [[Free enterprise]] - trade without significant central controls; market participants engage in trade based on their own individual assessments of risk and reward, and may enter or exit a given market relatively unimpeded.
* [[Infrastructure]] in support of trade, such as [[banking]], [[stock market]],
* [[Technology]] in support of trade such as [[electronic commerce]], [[vending machine]]s.
=== International organizations ===
* [[European Common Market]]
* [[GATT]] = [[General Agreement on Tariffs and Trade]]/WTO [World Trade Organization]
* [[G8]]
* '''IMF''' = [[International Monetary Fund]]
* [[OPEC]] = Organization of the Petroleum Exporting Countries
==== Free trade areas ====
* [[Free trade]] organizations or [[free trade area]]s
** [[European Free Trade Association]]
** [[Free Trade Area of the Americas]]
** [[NAFTA]] (North American Free Trade Agreement)
** [[Union of South American Nations]]
==== United Nations umbrella ====
* '''UNCTAD''' = [[United Nations Conference on Trade and Development]]
* '''ITC''' = [[International Trade Centre]]
== Types of trade ==
* [[Commodities]]
* Staples
* Luxuries
* [[Slave trade]]
* [[International trade]]
* [[Arms trade]]
* [[Wholesale|Wholesaling]]
* [[Retailer]]
* [[Stock exchange]]
* [[Fair Trade]]
==See also==
{{wiktionary|trade}}
* [[Market Segmentation Index]]
* [[Common market]]
* [[List of international trade topics]]
* [[Natural economy]]
* [[Offshore outsourcing]]
* [[Offshoring]]
* [[Public exchange]]
* [[Trade barrier]]
* [[Trade facilitation]]
* [[Trade route]]
* [[Trade statistics]]
* [[Trade war]]
* [[Trading blows]]
* [[Silent trade]]
* [[Roman commerce]]
* [[The Silk Route]], [[Amber Road]] and other [[trade route]]s
* [[slave trade]], [[fur trade]], [[cod trade]]
* The rise of [[banking]]
* [[History of international trade]]
* Merchant adventurers and [[trading company|trading companies]]: [[British East India Company]], [[Muscovy Company]], [[Virginia Company]], [[Hudson's Bay Company]] and others
* [[Mercantilism]]
* [[Industrial Revolution]], [[Second Industrial Revolution]]
* [[Capitalism]]
* Innovations in [[transport]]
* [[Colonialism]] and [[neo-colonialism]]
* [[Commodities]], [[product (business)|goods]] and [[intellectual property]]
* [[E-commerce]]
* [[Globalization|Globalisation]]
* [[Shopgrifting]]
==Notes==
<references />
==References==
* [http://www.freetrade.org/ Center for Trade Policy Studies]
* Weisbrot, Mark (2005). [http://www.cepr.net/pages/seminars.htm#5 Trade - What Are the Gains and Who Gets Them], Center for Economic and Policy Research Economics Seminar Series.
* [http://www.freetrade.org/pubs/pas/tpa-036es.html Trading Up: How Expanding Trade has Delivered Better Jobs and Higher Living Standards for American Workers]
* [http://epub.wu-wien.ac.at/dyn/openURL?id=oai:epub.wu-wien.ac.at:epub-wu-01_807 Working Paper Vienna University of Business and Economics: Trade and Productivity]
* [http://www.foodrevolution.org/slavery_chocolate.htm The Food Revolution]
==External links==
<!--Please do not put advertising links in this section-->
* [http://digitalmedia.worldbank.org/sar/trade/ World Bank Data and Statistics on Trade and Regional Integration in South Asia]
* [http://comtrade.un.org/ United Nations Commodity Trade Database]
* [http://www.globalissues.org/TradeRelated/TradeRelated.asp Trade-Related Issues]
* [http://www.trade-eu.org European Trade Directory]
* [http://www.trader-china.com China Trade Directory]
* {{dmoz|Business/International_Business_and_Trade/Import_and_Export/Portals/Trade_Boards/|Trade Boards}}
* [http://www.nate.org National Association of Trade Exchanges]
* [http://demonstrations.wolfram.com/GainsFromTrade/ Gains from Trade] by Fiona Maclachlan, [[The Wolfram Demonstrations Project]].
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