Balance of trade is the difference between the monetary value of a nation's exports and imports over a certain time period. Sometimes a distinction is made between a balance of trade for goods versus one for services. The balance of trade measures a flow variable of exports and imports over a given period of time. The notion of the balance of trade does not mean that exports and imports are "in balance" with each other.
David Ricardo was a British political economist, politician, and member of Parliament. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill.
Insider trading is the trading of a public company's stock or other securities based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information is illegal. The rationale for this prohibition of insider trading differs between countries/regions. Some view it as unfair to other investors in the market who do not have access to the information, as the investor with inside information could potentially make larger profits than an investor could make. However, insider trading is also prohibited to prevent the director of a company from abusing a company's confidential information for the director's personal gain.
The North American Free Trade Agreement was an agreement signed by Canada, Mexico, and the United States that created a trilateral trade bloc in North America. The agreement came into force on January 1, 1994, and superseded the 1988 Canada–United States Free Trade Agreement between the United States and Canada. The NAFTA trade bloc formed one of the largest trade blocs in the world by gross domestic product.
The World Trade Organization (WTO) is an intergovernmental organization headquartered in Geneva, Switzerland that regulates and facilitates international trade. Governments use the organization to establish, revise, and enforce the rules that govern international trade in cooperation with the United Nations System. The WTO is the world's largest international economic organization, with 166 members representing over 98% of global trade and global GDP.
The East India Company (EIC) was an English, and later British, joint-stock company founded in 1600 and dissolved in 1874. It was formed to trade in the Indian Ocean region, initially with the East Indies, and later with East Asia. The company gained control of large parts of the Indian subcontinent and Hong Kong. At its peak, the company was the largest corporation in the world by various measures and had its own armed forces in the form of the company's three presidency armies, totalling about 260,000 soldiers, twice the size of the British Army at certain times.
The Atlantic slave trade or transatlantic slave trade involved the transportation by slave traders of enslaved African people to the Americas. European slave ships regularly used the triangular trade route and its Middle Passage. Europeans established a coastal slave trade in the 15th century and trade to the Americas began in the 16th century, lasting through the 19th century. The vast majority of those who were transported in the transatlantic slave trade were from Central Africa and West Africa and had been sold by West African slave traders to European slave traders, while others had been captured directly by the slave traders in coastal raids. European slave traders gathered and imprisoned the enslaved at forts on the African coast and then brought them to the Americas. Some Portuguese and Europeans participated in slave raids. As the National Museums Liverpool explains: "European traders captured some Africans in raids along the coast, but bought most of them from local African or African-European dealers." Many European slave traders generally did not participate in slave raids because life expectancy for Europeans in sub-Saharan Africa was less than one year during the period of the slave trade because of malaria that was endemic in the African continent. An article from PBS explains: "Malaria, dysentery, yellow fever, and other diseases reduced the few Europeans living and trading along the West African coast to a chronic state of ill health and earned Africa the name 'white man's grave.' In this environment, European merchants were rarely in a position to call the shots." The earliest known use of the phrase began in the 1830s, and the earliest written evidence was found in an 1836 published book by F. H. Rankin. Portuguese coastal raiders found that slave raiding was too costly and often ineffective and opted for established commercial relations.
William Wilberforce was a British politician, philanthropist, and a leader of the movement to abolish the slave trade. A native of Kingston upon Hull, Yorkshire, he began his political career in 1780, and became an independent Member of Parliament (MP) for Yorkshire (1784–1812). In 1785, he underwent a conversion experience and became an Evangelical Anglican, which resulted in major changes to his lifestyle and a lifelong concern for reform.
The Silk Road was a network of Eurasian trade routes active from the second century BCE until the mid-15th century. Spanning over 6,400 km (4,000 mi), it played a central role in facilitating economic, cultural, political, and religious interactions between the Eastern and Western worlds. The name "Silk Road" was first coined in the late 19th century, but some 20th- and 21st-century historians instead prefer the term Silk Routes, on the grounds that it more accurately describes the intricate web of land and sea routes connecting Central, East, South, Southeast, and West Asia as well as East Africa and Southern Europe.
A tariff is a tax imposed by the government of a country or by a supranational union on imports or exports of goods. Besides being a source of revenue for the government, import duties can also be a form of regulation of foreign trade and policy that taxes foreign products to encourage or safeguard domestic industry. Protective tariffs are among the most widely used instruments of protectionism, along with import quotas and export quotas and other non-tariff barriers to trade.
The Chicago Bulls are an American professional basketball team based in Chicago. The Bulls compete in the National Basketball Association (NBA) as a member of the Central Division of the Eastern Conference. The team was founded on January 16, 1966, and played its first game during the 1966–67 NBA season. The Bulls play their home games at the United Center, an arena on Chicago's West Side.
The First Opium War, also known as the Anglo-Chinese War, was a series of military engagements fought between the British Empire and the Qing dynasty of China between 1839 and 1842. The immediate issue was the Chinese enforcement of their ban on the opium trade by seizing private opium stocks from mainly British merchants at Guangzhou and threatening to impose the death penalty for future offenders. Despite the opium ban, the British government supported the merchants' demand for compensation for seized goods, and insisted on the principles of free trade and equal diplomatic recognition with China. Opium was Britain's single most profitable commodity trade of the 19th century. After months of tensions between the two states, the Royal Navy launched an expedition in June 1840, which ultimately defeated the Chinese using technologically superior ships and weapons by August 1842. The British then imposed the Treaty of Nanking, which forced China to increase foreign trade, give compensation, and cede Hong Kong Island to the British. Consequently, the opium trade continued in China. Twentieth-century nationalists considered 1839 the start of a century of humiliation, and many historians consider it the beginning of modern Chinese history.
Trading Places is a 1983 American comedy film directed by John Landis and written by Timothy Harris and Herschel Weingrod. Starring Dan Aykroyd, Eddie Murphy, Ralph Bellamy, Don Ameche, Denholm Elliott, and Jamie Lee Curtis, the film tells the story of an upper-class commodities broker (Aykroyd) and a poor street hustler (Murphy) whose lives cross when they are unwittingly made the subjects of an elaborate bet to test how each man will perform when their life circumstances are swapped.
Eric Demetric Dickerson is an American former professional football running back who played in the National Football League (NFL) for 11 seasons. Dickerson played college football for the Mustangs of Southern Methodist University and was recognized as an All-American. He was selected second overall in the 1983 NFL draft by the Los Angeles Rams, and later played for the Indianapolis Colts, Los Angeles Raiders, and Atlanta Falcons. During his NFL career, he rushed for over 13,000 yards. He holds the NFL's single-season rushing record with 2,105 yards, set in 1984. Dickerson was inducted into the Pro Football Hall of Fame in 1999 and, in 2019, was named to the NFL 100th Anniversary All-Time Team. He is widely regarded as one of the greatest running backs of all time. He wore prescription goggles throughout his career due to myopia.
One World Trade Center, also known as One WTC and Freedom Tower, is the main building of the rebuilt World Trade Center complex in Lower Manhattan, New York City. Designed by David Childs of Skidmore, Owings & Merrill, One World Trade Center is the tallest building in the United States, the tallest building in the Western Hemisphere, and the seventh-tallest in the world. The supertall structure has the same name as the North Tower of the original World Trade Center, which was destroyed in the terrorist attacks of September 11, 2001. The new skyscraper stands on the northwest corner of the 16-acre (6.5 ha) World Trade Center site, on the site of the original 6 World Trade Center. It is bounded by West Street to the west, Vesey Street to the north, Fulton Street to the south, and Washington Street to the east.
The September 11 attacks, commonly known as 9/11, were four coordinated Islamist terrorist suicide attacks carried out by al-Qaeda against the United States in 2001. On that Tuesday morning, 19 terrorists hijacked four commercial airliners scheduled to travel from the East Coast to California. The first two teams of hijackers crashed the first two planes into the Twin Towers of the World Trade Center in New York City, while the remaining hijackers aimed the next two flights toward targets in or near Washington, D.C., in an attack on the nation's capital. The third team succeeded in striking the Pentagon, the headquarters of the U.S. Department of Defense in Arlington County, Virginia, while the fourth plane hijacked by the fourth team crashed in rural Pennsylvania during a passenger revolt. The September 11 attacks killed 2,977 people, making it the deadliest terrorist attack in history. In response to the attacks, the United States waged the multi-decade global war on terror to eliminate hostile groups deemed terrorist organizations, as well as the foreign governments purported to support them, in Afghanistan, Iraq, Syria, and several other countries.
Slavery has historically been widespread in Africa. Systems of servitude and slavery were once commonplace in parts of Africa, as they were in much of the rest of the ancient and medieval world. When the trans-Saharan slave trade, Red Sea slave trade, Indian Ocean slave trade and Atlantic slave trade began, many of the pre-existing local African slave systems began supplying captives for slave markets outside Africa. Slavery in contemporary Africa is still practised despite it being illegal.
The original World Trade Center (WTC) was a complex of seven buildings in the Financial District of Lower Manhattan in New York City. Built primarily between 1966 and 1975, it was dedicated on April 4, 1973, and was destroyed during the September 11 attacks in 2001. At the time of their completion, the 110-story-tall Twin Towers, including the original 1 World Trade Center at 1,368 feet (417 m), and 2 World Trade Center at 1,362 feet (415.1 m), were the tallest buildings in the world; they were also the tallest twin skyscrapers in the world until 1996, when the Petronas Towers opened. Other buildings in the complex included the Marriott World Trade Center, 4 WTC, 5 WTC, 6 WTC, and 7 WTC. The complex contained 13,400,000 square feet (1,240,000 m2) of office space and, prior to its completion, was projected to accommodate an estimated 130,000 people.
The 2018 NFL draft was the 83rd annual meeting of National Football League (NFL) franchises to select newly eligible players for the 2018 NFL season. The draft was held on April 26–28 at AT&T Stadium in Arlington southwest of Dallas; it was the first draft to take place in an NFL stadium and the first to be held in Texas. In order to be eligible to enter the draft, players must be at least three years removed from high school. The deadline for underclassmen to declare for the draft was January 15, 2018.
An economic conflict between China and the United States that has been ongoing since January 2018, when U.S. President Donald Trump began setting tariffs and other trade barriers on China with the goal of forcing it to make changes to what the U.S. says are longstanding unfair trade practices and intellectual property theft. The Trump administration stated that these practices may contribute to the U.S.–China trade deficit, and that the Chinese government requires transfer of American technology to China. In response to US trade measures, the Chinese government accused the Trump administration of engaging in nationalist protectionism and took retaliatory action. After the trade war escalated through 2019, in January 2020 the two sides reached a tense phase one agreement. By the end of the Trump presidency, the trade war was widely characterized as a failure for the United States.
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