"Trade is nothing else but a Commutation of Superfluities; for instance: I give mine, what I can spare, for somewhat of yours, which I want, and you can spare"

This quote by Dudley North is describing the principle of trade. Trade is the exchange of items and services between two or more parties. North is suggesting that trade is a way of exchanging superfluities, or items that are not essential for survival. For example, if I have something that I do not require, however you require it, I can provide it to you in exchange for something that you have that I need. This is an equally helpful exchange, as both parties are getting something that they need or want. North's quote is a concise method of explaining the idea of trade and how it works. It is an easy yet effective way of comprehending the principle of trade and how it works in the contemporary world.