Patterns are explored of the evolutionary stages in the management of economic exchange as economic activity grows and becomes more diverse and complex. These patterns are related to the economic development and external trade of Phoenician city-states. In addition, attention is given to how well economic theories explain the evolution of Phoenician external trading, with particular attention being given to the Heckscher-Ohlin theory of international trade. Also explored is the role of ‘new’ (evolving) media of exchange in facilitating interactive trade, especially that of Phoenicia. The possible methods that Phoenician rulers (and some other ancient rulers) adopted to extract a portion of the economic surplus from trade are outlined, and the policy issues they faced are discussed. It is concluded that media of exchange such as gold, silver and other treasures which initially fostered the growth of international trade, subsequently resulted in stifling this growth. This is because these items came to be regarded as a measure of real material wealth and led to policies being adopted by states which were intended to increase each state’s stock of these treasures. The seeds of mercantilism were sown. This system had several negative economic consequences and it actually tended to reduce international trade and decrease the economic prosperity of nations.