The fifteenth century is seen as one of economic contraction until the late 1460s and then of expansion, although within it many short-term fluctuations took place. Trade took place at local, regional and international levels. Besides major routes, many minor land, river and coastal routes existed, appropriate to regional and local trade. Luxury goods circulating on international routes were only the tip of the commercial iceberg. Merchants matched commodities to their markets: Italians bought English cloth differently for Tunis or Egypt, and Toulouse merchants ordered specific English reds for their customers. Transport, already well organised, regular and dependent on professional carriers, was steadily improved. Mercantile organisation was sophisticated enough to cope with geographically extended businesses of widely varying sizes, and, like shipowning, must be reckoned a capitalist activity. The English Staple Company illustrates a different sort of trade organisation. Regular trade, backed by political stability, allowed commercial specialisation. The specialisation of commodities was an integral part of the European economy.