Page 23 - All About History - Issue 33-15

Trade
Adam Smith’s
AnInquiryIntoThe
Nature And Causes
ADAM SMITH OfTheWealthOfThe

BRITISH 1723-90 Nations sold out in
Aworld-renowned
philosopher and economist just six months
–indeed,heiscredited
with founding economics as a
discipline – Smith is perhaps best
recognised for penning An Inquiry Into The Nature
AndCausesOfTheWealthOfTheNations,which
looked into the division of labour and free markets It was Omidyar’s
in advanced nations, and in turn influences a founding of eBay that
greatmanypeopleintheirdecision-making. propelled him to wealth
Smith himself argued in favour of free trade over PIERRE OMIDYAR
regulationoftradeandcommerce,sayingthatit
would produce increased prosperity for individuals. FRENCH-BORN AMERICAN-IRANIAN 1967-PRESENT
Although his theories have polarised many Best known today as the founder of online
overtheyears,hisnamelivesontodayviathe auction site eBay, Omidyar revolutionised the
influential Adam Smith Institute. waywebuyandsellthingsonline,helping
toenticethepubliconlinewhenitwasstill
“What makes eBay successful… is the relatively young. After graduating from Tufts
Universityin1988withadegreeincomputer
community. It’s the buyers and sellers coming science, he worked at Macintosh and Apple
together and forming a marketplace” beforefoundingeBayin1995.By1998,ithad
2.1 million members and generated revenues
Pierre Omidyar of $750 million, and has since spawned
numerous similar auction sites. Omidyar is
JACQUES COEU ELIHECKSCHER the57thrichestmanintheworld,witha
real-time net worth of $8.4 billion.
FRENCH 1395-1456 SWEDISH 1879-1952
An enterprising and wealthy The name Eli Heckscher
merchant, Coeur was one will forever be
of the founders of the trade remembered in tandem
route between France and with that of his pupil, fellow
the Levant, which helped Coeur’s founding of trade economist Bertil Ohlin, with Together with Bertil Ohlin,
furnish the country with routes greatly contributed whom he proposed evidence- Eli Heckscher put forward
cloth, silks, jewels, armour to France’s prosperity based arguments in favour of the Heckscher-Ohlin Theory
Vasco da Gama
andspices.Acharismaticindividual,hewonthe free trade. Their hypothesis stated established the first
favour of Charles VII, being given a number of that certain countries’ trading advantages were maritime trade route
important roles – such as master of the mint and due to productive factors being different, which between Europe
and Asia
steward of the royal expenditure – through which subsequently became known as the Heckscher-
he greatly enhanced the prosperity of the country. Ohlin Theory. In turn, their work would go While
on to be referenced by a number of free securing trading
GERTRUDE trade-advocating economists. Gama also successfully
routes, Vasco da
BELL VASCO DA GAMA defended ports from

BRITISH 1868-1926 PORTUGUESE 1460-1524 Arab-Muslim
As well as working The first man to mark down a sea-based
as a traveller, trade route between Europe and India, Vasco attackers
administrator, da Gama’s discovery would prove to be an
archaeologist and influentialone.In1497,hewasappointedby
Bell has been
described as the even as a spy, the Portuguese government to command
female Lawrence of Gertrude Bell is anexhibitiontodiscoveramaritimetrade
Arabia
best remembered route to the east – which he managed by
for travelling through areas of Asia and helping sailing round the west coast of Africa,
build up the modern state of Iraq post-World docking on the south coast of the
War I, establishing trade links and assisting the continent before circling the Cape of
governance of the country. She was memorably GoodHopeandheadingontoIndia.
described as “one of the few representatives of In addition, he personally secured a
His Majesty’s Government remembered by the trading post at Calicut, establishing
Arabs with anything resembling affection”. ports in Mozambique. His trade
routes are still used today.
23