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S"Commerce" refers primarily to the exchange of the products of nature or art, that is, of merchandise, through buying and selling. This activity of exchange takes place in "markets"—"not any particular market place in which things are bought and sold, but the whole of any region in which buyers and sellers are in such free intercourse with one another that the prices of the same goods tend to equality easily and quickly" (Marshall). If the defining characteristic of these more abstract markets—as opposed to marketplaces—is a tendency for the same price to be paid for the same good at the same time in all parts of the market, then some scholars would argue that markets have existed in Europe since at least the twelfth century c.e. Early modern Europe witnessed an extension and intensification of commerce and markets to the point that a worldwide system emerged from which fewer and fewer people were excluded. The "exchange of the pro…
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