"The Silk Road (Chinese: 絲綢之路) was a network of Eurasian trade routes active from the second century BCE until the mid-15th century."
Economics and trade formed a critical part of ancient political systems, with trade routes linking distant lands and civilizations.
Microeconomics: This is the study of individual economic agents such as consumers, firms, and markets. It deals with how they make decisions and interact with each other to allocate scarce resources.
Macroeconomics: This branch of economics deals with the overall performance of the economy. It includes topics such as GDP, inflation, and unemployment, among others.
International Trade: This branch of economics is concerned with the exchange of goods and services between countries. It includes topics such as trade policies, tariffs, and free trade agreements.
Development Economics: This area of economics is concerned with the economic development of countries. It includes topics such as poverty reduction, economic growth, and sustainable development.
Economic History: This is the study of the economic developments of societies throughout history. It includes topics such as ancient political systems, the Industrial Revolution, and the Great Depression.
Public Finance: This branch of economics is concerned with the role of the government in the economy. It includes topics such as taxation, government spending, and public debt.
Game Theory: This is the study of decision-making in situations where individuals' payoffs depend on the actions of others. It includes topics such as strategic behavior, cooperation, and competition.
Econometrics: This branch of economics uses statistical methods to analyze economic data. It includes topics such as regression analysis, time-series analysis, and panel data.
Behavioral Economics: This is the study of how psychological factors affect economic decision-making. It includes topics such as heuristics, biases, and nudges.
Financial Economics: This branch of economics is concerned with the behavior of financial markets and financial instruments. It includes topics such as stocks, bonds, and derivatives.
Barter Economy: It is the oldest form of trade, where goods are exchanged in return for other goods, without any involvement of money. This system was prevalent in ancient societies where the concept of currency had not yet come into being.
Mercantilism: It is a type of economic policy where the emphasis is on accumulating wealth through trade. This type of economic system was prevalent in the 16th and 17th centuries and was the dominant economic system in Europe.
The Physiocrats: It is a type of economic system that prevailed in France during the mid-18th century. The emphasis was on laissez-faire policies, where the government had a minimal role, and a free market economy was encouraged.
Classical Economics: It is an economic system developed during the 18th and 19th centuries, mainly by Adam Smith, David Ricardo, and John Stuart Mill. These economists believed in the role of the invisible hand of the market, where supply and demand would determine prices.
Marxism: It is an economic system developed by Karl Marx, which is based on the idea of a classless society. The core of this economic system is the idea that capitalism is inherently unstable, and the working class will eventually rise up and overthrow the ruling class.
Keynesian Economics: It is an economic system developed during the 20th century by John Maynard Keynes. This system proposed that the government should play a more active role in the economy to mitigate economic recessions and booms.
Neoliberalism: It is an economic theory developed in the 1970s that emphasizes free-market principles and deregulation. Proponents of this system argue that government intervention in the economy should be limited.
"Spanning over 6,400 kilometers (4,000 miles)..."
"...it played a central role in facilitating economic, cultural, political, and religious interactions between the East and West."
"The name 'Silk Road', first coined in the late 19th century, has fallen into disuse among some modern historians in favor of Silk Routes..."
"Chinese silk textiles... tea, dyes, perfumes, porcelain... horses, camels, honey, wine, and gold."
"The network began with the Han dynasty's expansion into Central Asia around 114 BCE... The Parthian Empire provided a bridge to East Africa and the Mediterranean."
"By the early first century CE, Chinese silk was widely sought-after in Rome, Egypt, and Greece."
"Aside from generating substantial wealth for emerging mercantile classes, the proliferation of goods such as paper and gunpowder greatly altered the trajectory of various realms, if not world history."
"Travelers faced constant threats of banditry and nomadic raiders, and long expanses of inhospitable terrain."
"Few individuals crossed the entirety of the Silk Road, instead relying on a succession of middlemen based at various stopping points along the way."
"In addition to goods, the network facilitated an unprecedented exchange of ideas, religions (especially Buddhism), philosophies, and scientific discoveries..."
"Diseases such as plague also spread along the Silk Road, possibly contributing to the Black Death."
"...the Silk Road abruptly lost its importance with the rise of the Ottoman Empire in 1453, which almost immediately severed trade between East and West."
"This prompted European efforts to seek alternative routes to Eastern riches, thereby ushering the Age of Discovery, European colonialism, and a more intensified process of globalization..."
"...the name 'New Silk Road' is used to describe several large infrastructure projects along many of the historic trade routes; among the best known include the Eurasian Land Bridge and the Chinese Belt and Road Initiative (BRI)."
"In June 2014, UNESCO designated the Chang'an-Tianshan corridor of the Silk Road as a World Heritage Site..." Study question 17: Which portion of the Silk Road remains on the tentative site list? "While the Indian portion remains on the tentative site list."
"[The Silk Road] endured the rise and fall of numerous empires and major events such as the Black Death and the Mongol conquests."
"...on the grounds that it more accurately describes the intricate web of land and sea routes connecting Central, East, South, and Southeast Asia, the Middle East, East Africa, and Southern Europe."
"During its roughly 1,500 years of existence, the Silk Road..."