A comprehensive historical survey traces the development of trade from ancient exchange systems through medieval fairs and town, land, and sea commerce, into the age of exploration and industrialization. It examines the institutions, routes, and technologies that shaped markets, including credit, currency, shipping, and transport, and analyzes mercantile policies, national commercial developments, and commodity flows. Detailed regional studies consider developments in major European states and the United States, while later chapters treat the effects of mechanization, coal, railroads, and communications. The final section evaluates disruptions and adaptations in international trade caused by the world war and its immediate aftermath.