Abstract
Free trade — albeit conducted within different institutional frameworks of varying degrees of openness — have existed over various stretches of human civilization, and have spanned more or less extensive realms. In antiquity, for example, the period of Pax Romana (Roman peace) allowed commerce to flourish within the Roman empire, its provinces and dependencies, and beyond to non-Roman trading partners. This era is broadly defined as covering the two-century period extending from the reign of Augustus (27bc-ad14) to that of Marcus Aurelius (ad161–180). In more recent times, over long periods of the nineteenth and twentieth centuries, several countries espoused free trade and adopted the gold standard, with little or no regulation on cross-border capital movements.
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