Economic power refers to the ability of countries, businesses or individuals to make decisions on their own that benefit them. Scholars of international relations also refer to the economic power of a country as a factor influencing its power in international relations.
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👉 Commercial power in the context of Republic of Genoa
The Republic of Genoa was a medieval and early modern maritime republic from the years 1099 to 1797 in Liguria on the northwestern Italian coast. During the Late Middle Ages, it was a major commercial power in both the Mediterranean and Black Sea. Between the 16th and 17th centuries, it was one of the major financial centres of Europe.
Throughout its history, the Genoese Republic established numerous colonies throughout the Mediterranean and the Black Sea, including Corsica from 1347 to 1768, Monaco, Southern Crimea from 1266 to 1475, and the islands of Lesbos and Chios from the 14th century to 1462 and 1566, respectively. With the arrival of the early modern period, the Republic had lost many of its colonies, and shifted its focus to banking. This was successful for Genoa, which remained a hub of capitalism, with highly developed banks and trading companies.
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Commercial power in the context of Gold standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves.
Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a de facto gold standard in 1717 when Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the world's leading financial and commercial power in the 19th century, other states increasingly adopted Britain's monetary system.