I think the distinction is that trade is difficult without some modicum of international security. The question always is, "who provides the market?"
Usually the hegemon. Whether it the feudal lord ensuring a faire, the Mongols keeping the Silk Road open, or the Royal Navy's domination of international waters for over 300 years, someone is always doing the heavy lifting on security that makes trade possible.
The upside is that of having one's currency be the "global" reserve currency. Whether Roman coins, Spanish dubloons, Pound Sterling, or the Dollar, when people hold your money, sometimes in preference to their own, everyone who is part of the hegemonic country profits by that byproduct of being the international guarantor of free trading.
We do that now. International trade depends upon international stability, the two are interconnected and unseverable. Thomas Jefferson figured out early on that a country needed to be able to project its power or run the risk of being put into insufferable political positions, such as paying tribute to petty crooks. Projecting power inherently ruffles the feathers of others, so it seems that unless the desire is to become as militarily impotent as most of Europe, one has to exercise such power from time to time when it is tested.
Usually the hegemon. Whether it the feudal lord ensuring a faire, the Mongols keeping the Silk Road open, or the Royal Navy's domination of international waters for over 300 years, someone is always doing the heavy lifting on security that makes trade possible.
The upside is that of having one's currency be the "global" reserve currency. Whether Roman coins, Spanish dubloons, Pound Sterling, or the Dollar, when people hold your money, sometimes in preference to their own, everyone who is part of the hegemonic country profits by that byproduct of being the international guarantor of free trading.
We do that now. International trade depends upon international stability, the two are interconnected and unseverable. Thomas Jefferson figured out early on that a country needed to be able to project its power or run the risk of being put into insufferable political positions, such as paying tribute to petty crooks. Projecting power inherently ruffles the feathers of others, so it seems that unless the desire is to become as militarily impotent as most of Europe, one has to exercise such power from time to time when it is tested.