The next stage in the development of commerce was large scale extension in the geographical coverage of trade. Goods were now produced for being sold in various foreign markets, too, besides the home markets. This revolutionary change in the character and scope of trade was brought about by the Industrial Revolution which increased the scale of production immensely. Several middle-men began to operate between the producer and the consumer. The pattern of commerce grew in complexity. Specialized institutions like banks. Transport companies, insurance companies, warehousing, companies were set up to help the traders. And with it modern commerce was named. Modern commerce, in its highly developed form, consists of a complex and well developed system of exchange and a well-organized system of exchange and a well-organized system of transport, insurance, were housing and other allied activities which facilitate trade. This system is the out6come of gradual evolution spread over a long period of human history. The following stages in this long process of development may be marked.
This is how commerce and business started to develop and came into action.
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