Patterson School of Diplomacy and International Commerce

The Patterson School of Diplomacy and International Commerce is part of the University of Kentucky located in Lexington, Kentucky. It is a graduate program devoted to the study of diplomacy, international affairs and commerce. With a small and select student body, only 35 students are admitted annually to pursue full-time study towards a master's degree.

History

The vision to create a school of diplomacy and international commerce came from Dr. James Kennedy Patterson, the first president of the University of Kentucky. The 1898 Spanish–American War convinced Patterson a new school was needed that "shall have for its special object the preparation of young men for the diplomatic and consular service of the United States. It shall also provide special training for those who may seek employment in extending upon rational and scientific lines the commercial relations of America." Patterson took as his model the programs he saw then being established at Harvard, Stanford, Chicago, Cornell and Yale.

Commerce

Commerce is the activity of buying and selling of goods and services, especially on a large scale or quantity. The system includes legal, economic, political, social, cultural and technological systems that are in operation in any country or internationally. Thus, commerce is a system or an environment that affects the business prospects of economies. It can also be defined as a component of business which includes all activities, functions and institutions involved in transferring goods from producers to consumers.

History

Some commentators trace the origins of commerce to the very start of communication in prehistoric times. Apart from traditional self-sufficiency, trading became a principal facility of prehistoric people, who bartered what they had for goods and services from each other. Historian Peter Watson dates the history of long-distance commerce from circa 150,000 years ago.

In historic times, the introduction of currency as a standardized money, facilitated a wider exchange of goods and services. Numismatists have collections of these monetary tokens, which include coins from some Ancient World large-scale societies, although initial usage involved unmarked lumps of precious metal.