commerce

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Commerce,

city (1990 pop. 12,135), Los Angeles co., S Calif., a suburb of Los Angeles; inc. 1960. An important transportation hub for S California, Commerce is the home of several large corporations. There is food processing and diverse manufacturing. In 1927, Charles A. LindberghLindbergh, Charles Augustus,
1902–74, American aviator who made the first solo, nonstop transatlantic flight, b. Detroit; son of Charles A. Lindbergh (1859–1924). He left the Univ. of Wisconsin (1922) to study flying.
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 landed The Spirit of St. Louis at the old Vail Field in Commerce while on a nationwide tour following his transatlantic flight.

commerce,

traffic in goods, usually thought of as trade between states or nations. Engaged in by all peoples from the earliest times, it has been carried on in some areas and by some peoples more than others, because of special geographical, technological, or economic advantages. The Egyptians, the Sumerians and later inhabitants of Mesopotamia, the Cretans, the Syrians, the Phoenicians, the Greeks, the Arabs, and the Western Europeans have excelled in commerce, tapping the resources of the East, Oceania, the Americas, and Africa.

The Rise of Commerce in Europe

The Crusades did much to widen European trade horizons and prefaced the passing of trade superiority from Constantinople to Venice and other cities of N Italy. In the 15th and 16th cent. with the sudden expansion of Portugal and Spain the so-called commercial revolution reached a climax. In N and central Europe, the earlier supremacy of the Hanseatic League, the Rhenish cities, and the cities of N France and Flanders was eclipsed by the rise of national states. Antwerp began its long career of glory when the Spanish were losing hegemony, and the Dutch briefly triumphed in the race for world commerce in the 17th cent. The Dutch in turn gave way to a British-French rivalry that by 1815 left Great Britain paramount.

The rise of the chartered companychartered companies,
associations for foreign trade, exploration, and colonization that came into existence with the formation of the European nation states and their overseas expansion. An association received its charter from the state and sometimes had state support.
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 under the auspices of the national state had much to do with the expansion of trade, as did the modern corporationcorporation,
in law, organization enjoying legal personality for the purpose of carrying on certain activities. Most corporations are businesses for profit; they are usually organized by three or more subscribers who raise capital for the corporate activities by selling shares
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, which later displaced the chartered company. The Industrial Revolution of the 18th and the 19th cent. also fostered the development of commerce, generating both products for trade and the means for trading them. World commerce was aided materially by the invention of the astrolabe, the mariner's compass, and the sextant; by the development of iron and steel construction; by the application of steam to both land and water transport; and by the more recent development of the telephone, telegraph, cable, radio, and the InternetInternet, the,
international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises (called gateways
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, and of inventions such as refrigeration, the gasoline engine, the electric motor, the airplane, and the computer.

International Trade Today

The theory of commerce as imposed by the national state has varied from the mercantilismmercantilism
, economic system of the major trading nations during the 16th, 17th, and 18th cent., based on the premise that national wealth and power were best served by increasing exports and collecting precious metals in return.
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 of the 17th and 18th cent. and the protective tariff of the 19th and 20th cent. to the free trade that Britain long upheld. After World War II the cold war limited trade between Communist and capitalist countries until the late 1980s, but the need for commercial expansion led to the creation of a number of international and regional systems designed to remove trade barriers. The International Monetary FundInternational Monetary Fund
(IMF), specialized agency of the United Nations, established in 1945. It was planned at the Bretton Woods Conference (1944), and its headquarters are in Washington, D.C.
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 was established in 1944 to help nations finance temporary trade deficits. The General Agreement on Tariffs and TradeGeneral Agreement on Tariffs and Trade
(GATT), former specialized agency of the United Nations. It was established in 1948 as an interim measure pending the creation of the International Trade Organization.
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 (GATT), signed in 1947 by 23 major industrial countries to reduce tariffs, evolved into an ongoing mechanism for reducing trade barriers, and after eight rounds of negotiations, the Uruguay Round (the last round, 1995) created the World Trade OrganizationWorld Trade Organization
(WTO), international organization established in 1995 as a result of the final round of the General Agreement on Tariffs and Trade (GATT) negotiations, called the Uruguay Round.
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.

In 1957 the European Economic Community was created, and in the 1980s and early 90s European leaders signed a series of agreements that created a unified West European economy in 1993 (see European UnionEuropean Union
(EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community (EC), an economic and political confederation of European nations, and other organizations (with the same member nations)
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). In 1992 leaders from the United States, Canada, and Mexico signed the North American Free Trade AgreementNorth American Free Trade Agreement
(NAFTA), accord establishing a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994.
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 (NAFTA); MercosurMercosur
or Mercosul,
officially the Common Market of the South, Latin American trade organization established in 1991 to increase economic cooperation among the countries of E South America.
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 was established a year earlier in South America. Nonetheless, national economic interests have been difficult to overcome, and a number of countries, including the United States, passed protectionist legislation and enacted retaliatory tariffs in the 1980s and 90s.

Bibliography

See M. Beard, A History of Business (2 vol., 1938; repr. 1962–63); C. S. Belshaw, Traditional Exchange and Modern Markets (1965); W. Culican, The First Merchant Venturers (1967); R. S. Lopez, The Commercial Revolution of the Middle Ages (1971); R. Rosencrance, The Rise of the Trading State (1986); W. Gill, Trade Wars against America (1990); A. K. Smith, Creating a World Economy (1991); J. J. Schott, ed., The World Trading System (1996).

commerce

the activity embracing all forms of the purchase and sale of goods and services
References in periodicals archive ?
These individuals appear to be unaware that urban congestion and traffic jams exist, are undesirable and are worsened by commercial development of open space.
Soviero for his career-long leadership in the commercial development and transformation of the Specialty Chemicals Division from a regional to a global business, and the more than tripling of its annual sales during his tenure.
Claes Larsson continues in his role as Executive Vice President and member of Skanska's Senior Executive Team with responsibility for the company's units within Commercial Development.
We purchased this site in early 2014 from a corporate owner who had slated it for commercial development for years due to the outstanding location near the George Bush Intercontinental Airport but had never started construction.
Both road corridors have proved to be successful anchors for commercial development of both industrial, and office park stretching from Faverdale and Wynyard to Team Valley and Cobalt Business Park, all of which have successfully secured tenants from the region as well as across the country and further afield.
She will fulfill a variety of duties, which include supporting the expansion of the firm's Commercial Development unit into new markets, pursuing higher education, institutional and municipal clients for Public Private Partnerships and build-to-suit opportunities and developing sustainability strategies for Commercial Development.
A wholly-owned subsidiary company of the Riverside Group, one of the country's largest housing associations, Prospect (GB) has residential and commercial developments ongoing across northern England and a current value of over pounds 6m.
Fledgling developer Andre Visnapuu has a grassroots proposal for a concept of a mixed housing and commercial development on the former Imperial Oil property on the waterfront.
Congress passed the Commercial Space Act of 1998 in the hope of jump-starting commercial development by requiring the National Aeronautics and Space Administration to buy "space-based and airborne Earth remote sensing data, services, distribution, and applications from a commercial provider.
Since the cartoonist includes a billboard on the Martian surface, he may be implying that the scientific achievement of the Mars mission could be overshadowed by the possibility of commercial development and profit.
Caption: Carl A, Jennings, BASF executive vice president and NAFTA regional president, will be honored at the Commercial Development and Marketing Association's (CDMA) awards banquet in Boston on April 28.
Based upon the successful steam pilot tests, Scimitar has issued a Commercial Development Declaration, effective October 18th, as required by the Petroleum Service Agreement with the General Petroleum Company (GPC).

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