What new business practices arose as trade expanded?

As trade expanded, several new business practices emerged, including the establishment of joint-stock companies, which allowed multiple investors to pool resources and share risks in long-distance ventures. The use of bills of exchange facilitated credit and payment across distances, enhancing trade efficiency. Additionally, the development of double-entry bookkeeping improved financial record-keeping, enabling businesses to track profits and losses more accurately. These innovations contributed to a more sophisticated and interconnected global economy.