Abstract and Keywords
Since times immemorial, international commerce has been celebrated as a fountain of prosperity. Trade flourished long before trade regulations ever came into being. The subsequent creation of trade regulations did not preclude trade in unregulated goods, services, and property, nor has it eliminated smuggling and contraband. Evidently trade and regulations often exist independent from each other. But over the course of history, trade has become increasingly regulated. This article focuses on the evolution of trade regulations and the development of a rules-based system.
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