International business before the Industrial Revolution

The chapter explores international business before the Industrial Revolution, challenging the notion that global trade was insignificant during this period. Using the story of Venetian merchant Pietro Querini as a narrative framework, the text reveals the complexity and sophistication of pre-industrial international trade. The chapter identifies three major trade systems: the Eurasian, Atlantic, and Pacific trade networks. These systems were interconnected, with silver emerging as a crucial commodity that facilitated global exchange. Trade routes spanned continents, connecting diverse markets from Europe to Asia and the Americas. Merchants like Querini navigated extensive risks, including environmental challenges, political instability, and communication difficulties. Despite these obstacles, long-distance trade was surprisingly robust, with significant volumes of goods – such as spices, textiles, and precious metals – being exchanged globally. The text argues that pre-industrial trade was more complex and extensive than previously understood, laying the groundwork for future global economic integration. The chapter emphasises the importance of understanding international business beyond the Industrial Revolution’s traditional narrative.