Editing Trade (section)

===The Age of Sail and the Industrial Revolution===
Portuguese explorer [[Vasco da Gama]] pioneered the European [[spice trade]] in 1498 when he reached [[History of Kozhikode|Calicut]] after sailing around the [[Cape of Good Hope]] at the southern tip of the African continent. Prior to this, the flow of spice into Europe from India was controlled by Islamic powers, especially Egypt. The spice trade was of major economic importance and helped spur the [[Age of Discovery]] in Europe. Spices brought to Europe from the Eastern world were some of the most valuable commodities for their weight, sometimes rivaling [[gold]].

From 1070 onward, kingdoms in West [[Africa]] became [[Economic history of Africa|significant members of global trade]].<ref name=":0">{{Cite book |author=Green |first=Toby |title=A Fistful of Shells: West Africa from the Rise of the Slave Trade to the Age of Revolution |date=2019 |publisher=University of Chicago Press |isbn=978-0226644578 |location=Chicago, Illinois |oclc=1051687994}}</ref> This came initially through the movement of gold and other resources sent out by [[Muslims|Muslim]] traders on the [[Trans-Saharan trade|Trans-Saharan trading]] network.<ref name=":0" /> Beginning in the 16th century, European merchants would purchase gold, spices, cloth, timber and [[Atlantic slave trade|slaves]] from West African states as part of the [[triangular trade]].<ref name=":0" /> This was often in exchange for [[cloth]], [[iron]], or [[cowrie shells]] which were used locally as currency.<ref name=":0" />

Founded in 1352, the [[Bengal Sultanate]] was a major [[trading nation]] in the world and often referred to by Europeans as the wealthiest country with which to trade.<ref>{{cite book |last1=Nanda |first1=J. N. |url=https://books.google.com/books?id=HsV3cYAvGEEC&pg=PA10 |title=Bengal: the unique state |publisher=Concept Publishing Company |year=2005 |isbn=978-81-8069-149-2 |page=10 |quote=Bengal [...] was rich in the production and export of grain, salt, fruit, liquors and wines, precious metals and ornaments besides the output of its handlooms in silk and cotton. Europe referred to Bengal as the richest country to trade with.}}</ref>

In the 16th and 17th centuries, the Portuguese gained an economic advantage in the [[Kingdom of Kongo]] due to different philosophies of trade.<ref name=":0" /> Whereas Portuguese traders concentrated on the accumulation of capital, in Kongo spiritual meaning was attached to many objects of trade. According to economic historian [[Toby Green]], in Kongo "giving more than receiving was a symbol of spiritual and political power and privilege."<ref name=":0" />

In the 16th century, the [[Seventeen Provinces]] were the center 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 [[Dutch Republic]] in the 17th century, and the [[United Kingdom|British]] in the 18th century. The [[Spanish Empire]] developed regular trade links across both the Atlantic and the Pacific Oceans.

[[File:Wojciech Gerson - Gdańsk in the XVII century.jpg|thumb|upright=1.15|[[Danzig]] in the 17th century, a port of the [[Hanseatic League]]]]

In 1776, [[Adam Smith]] published the paper ''[[An Inquiry into the Nature and Causes of the Wealth of Nations]]''. It criticized [[Mercantilism]], and argued that [[economic]] specialization 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 rationalizations of [[International trade|import]] and [[export]] controls "dupery", which hurt the trading nation as a whole for the benefit 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.
[[File:Berber Trade with Timbuktu 1300s.jpg|thumb|upright=1.15|[[Berber people|Berber]] trade with [[Timbuktu]], 1853]]