Global Business Sense

There are traces that business started growing in the American economy from 16th century itself when Europeans migrated to this country. Before this immigration, Americans were trading within their provinces only. But, later cross border trading and transportation of goods across borders also started.

Europeans signed many economic interactions with Americans either through barter or through commodity trading. This economic interaction started increasing with time. This interaction also turned out to be an important milestone and laid the foundation of commerce in U.S. Starting from simple trading system in U.S, now business in U.S have gone through many innovations and developments and now have reached a comprehensive level. From the period of industrial revolution till internet revolution, America has always been a most significant part to the world economy.

Bartering:

Bartering is the method of business followed in early American business society. Business in U.S was closely related with bartering method. In those days there were no currencies. United Stats was just a collection of many colonies. So, people traded by exchanging basic commodities like rice, wheat and tobacco. Barter trading took many forms of trade. Most specific of barter trading is the potlatch. The ceremony which involves music, dance and rituals is usually called as potlatch.

The party which hosts potlatch delivers the resources which it collected for this event and in turn the guest returns what they have hold for their potlatches. Some traditional currencies were also involved in barter later. Some of the currencies used are furs and wampum. These formed as one of essentials of frontier trading. Wampum was considered as one of the best form of money. There were also used for ornamentation purposes. From the past it seems that wampum existed in the year 1664. There is a documentation which states that Peter Stuyvesant, one of the colonists arranged wages for the workers who worked in New York in the form of wampum.

Transition Arena:

With the growth of the colonies, the industrial development also increased. Many new types of machinery were invented and used for production. This triggered the industrial revolution. This revolution made a huge change in the way business was handled in U.S. New technologies led to much faster production of goods. Productivity of the business in U.S increased to a very high level. U.S was no more called as agricultural society. Many manufacturing factories were setup.

Usage of steam engines is still considered as one of the major advancements in the U.S business world. Many textile and manufacturing industries used steam engines for increasing their productivity. Manufacturing cost of products got lowered slowly and the price of the goods also started lowering.

With the end of World War – II, the demand for increasing the economy in U.S increased. Automobile, aeronautical and electronics are few of the business which had massive improvement in this period. Invention of mobile phones, computers and audio and entertainment products had a great impact in the business of U.S.

The above history of evolution of business is also closely related to the development of U.S economy from simple to the world’s most powerful country in the world