The document summarizes the development of the North American fur trade over five phases from the 1500s to the late 1800s. During Phase 1, the early fur trade began as an exchange between Europeans arriving to fish cod and the Mi'kmaq people. Phase 2 saw the expansion of the fur trade inland, with France dominating and establishing settlements in New France. Phase 3 involved the emergence of rival fur trading networks as Britain established the Hudson's Bay Company to compete with French traders. As the fur trade moved further west during Phase 4, the Metis people became established as important partners to the trade. Finally, Phase 5 marked the monopoly of the fur trade in the west by the Hudson's Bay Company after merging with its