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Define the concept of 'free trade' and determine its relationship with the development of capitalism in Western Europe. Assess whether or not trade during the era of colonial expansion was "free" and whether it promoted unequal exchange and exploitation. Discuss the similarities and differences between trade prior to European expansionism and during it, including mention of the Ottoman, Chinese, and Indian experiences, as well as continuities from the era before expansion into the era of expansion. The concept of "Free Trade" means trade between firms that are free from regulations and interference by governments. But generally it means trade across national boundaries i.e. firms within one country can trade with another firm located in different country on the basis of comparative advantage without paying any tariffs or export or import duties. The interesting phenomenon about the concept of "Free Trade" is that it is most important and most commonly misunderstood principle...

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