Here's some of my favorite games out of the past and present - with emphasis on those that involve some sort of space combat and/or trading:
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Classic "Star Trek"
The Granddaddy of all space combat computer games.
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Original Elite (on C64 & C128)
What can I say? The meter-stick by which all other space combat games are measured against.
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Sentinel (C64)
Based on the classic "Star Trek"-like premise, with real-time combat
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Wing Commander series, esp. WC: Prophecy
Easy aircraft-like flight model, one of the first major game (series) to introduce a full storyline behind the gameplay.
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Civilization
Not in the same category as the others, a turn-based strategy game. But worth mentioning as a favorite, a classic in it's own genre.
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Hardwar
Not really a
space combat game, as the craft you fly are atmospheric , albeit based on Saturn's moon Titan. Still, has many Elite-like aspects - combat and trade, ship/weapons/equipment upgrades, and mostly freeform gameplay. One of the most "atmospheric" combat games I've ever played - you really get the sense that you're operating in a degenerate, run-down, cutthroat old mining installation. The hard-techno soundtrack (played via CD-audio from artists featured on the Warp Records label) adds to the game's gritty atmosphere.
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The "X" series (e.g X: Beyond the Frontier, X-Tension, etc.)
A more or less worthy attempt to modernize the Elite concept - mostly unscripted, freeform gameplay. Trading model a bit more advanced, and player has ability to build and manage their own space stations.
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Escape Velocity (esp. EV: Nova)
A series of space combat/trading games made by a small independent, Mac-centric (but not exclusively so) software company Ambrosia. Somewhat retrograde in the sense that it's based on a 2-D flight/view model, but quite enjoyable nonetheless. Includes some scripted missions (w/ability for players to create their own) but still playable in a pure free-form manner.
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OOlite
Can't forget to mention this one. Gotta suck up to the brass, y'know
There are many other games that have been made that have borrowed gameplay aspects from Elite that I've not bothered to mention, simply because there are so many of them, and none of them - at least in my mind - are only pale imitations of the classics I've mentioned above. Just the same, I would welcome the opinions of others as to games they've played that they think are worthy of sitting on the shelf next to Elite.