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From the Indian Ocean to the Mediterranean

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  1. Networks can substitute for states

    A trading community with no empire, navy, or state behind it can still operate across every major empire at once. Shared trust, cooperation, and communication among its members do the work that state backing did for rival merchants. A small outpost was enough to run settlements stretching from London and Amsterdam to Manila and Acapulco.

  2. Information flow is commercial infrastructure

    For merchants scattered across continents, networks for passing information and communicating were as essential to operating as goods or capital. A dispersed trading community runs on the circulation of messages among its members.

  3. Trust as an operating ethos

    A dispersed merchant community without state enforcement relies on a shared ethos of trust and cooperation among its members. That ethos is what allows distant partners to do business with one another at all.

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