NO, it is absolutely NOT ARBITRARY.
(in this post I will use the words “plus” and “minus” instead of “positive” and “negative”)
“Plus” is the effect towards outside (expansion, blowing, explosion, yang), “minus” is the effect towards inside (reduction, suctioning, implosion, yin). For example, the act of inhaling is plus, because our chest expands; the act of exhaling is minus, because it reduces in size.
From the history of electromagnetism it is known that Benjamin Franklin (1705-1790) is the man who was the first to introduce the terms “positive” and “negative”, i.e. “plus/minus” in the field of electricity in the middle of the 18th century. Previously, the different types of electricity had been called “vitreous” (meaning “glass”) and “resinous” (meaning “amber”), since the glass and the amber were the most often rubbed objects to produce the opposite electricities. At the time when Franklin gave his contribution, people had actually spoken of two types of electric fluids; however, Franklin argued that there is only one electric fluid, and the excess and the shortage of it in the objects he called “plus” and “minus”. He said that bodies in normal condition have medium amounts of this fluid and are therefore neutral. When two objects are rubbed against each other, one allegedly transfers a part of its fluid to the other and thus the first becomes minus-, and the second object plus-electrified.
It remains a mystery how this type of thinking resulted in the glass electricity being called “plus”, and the amber electricity “minus”, although it has been recorded that Franklin is the man who assigned the plus to the glass, and the minus to the amber electricity.
That these things (i.e. plus and minus in the electricity and in the magnetism) are not arbitrary, I have a proof which I call an ultimate proof. A proof is ultimate when we perceive the truth immediately (directly, unmediated) with our senses, in this case, with our eyes.
If we rotate the discs of a Wimshurst machine by turning the crank manually to the right in a dark room (the most noticeable results can be seen at night in a room with a little exterior street light entering it), and if we do this for at least 10-15 seconds to let the eyes get used to the feeble light, we will notice that the horizontal quadrants emit a light flicker, whereas the vertical are completely dark. On turning the crank to the left the flicker relocates to the vertical quadrants, whereas the horizontal ones now remain dark. Looking even more attentively at the scene, we will notice an essential qualitative difference between what happens in the left and the right quadrant (i.e. the upper and the lower one when the crank is turned to the left). The flicker in one horizontal quadrant is directed from the metal sectors outwards, in the other one inwards. In other words, in the left quadrant the metal sectors are dark and the flickering light glows around them, but in the right quadrant the metal sectors are illuminated and around them it is dark.
The metallic sectors in the image are drawn as a whole, and not individually, because the light phenomenon appears as a whole; more precisely, as two wholes, one left and one right, and not individually in the sectors.
The electricity of the left quadrant (picture on the left) is the same as the vitreous electricity; the electricity of the right quadrant is the same as the resinous electricity. I will not explain how this is determined, because this answer will become much longer (you can check it out here https://newtheories.info). So, if Benjamin Franklin has determined what is positive and negative about electricity, he did it right.
If we fill the middle of a ring magnet (taken out of a small loudspeaker) with iron filings, then we tap the magnet to allow the iron powder to freely take its shape, a difference between the one and the other side becomes clearly visible. At the pole which points North a form of blowing is evident (as if we put the lips forward), and at the pole that points South a form of suction (as if we put the lips inwards). Hence, the plus-pole with an effect outwards is the magnetic South pole of the Earth, and the minus-pole with an effect inwards is the magnetic North pole of the Earth.
The electric wind blows de jure and de facto from the plus- to the minus-pole of the battery through the connecting wire.
Please read also the comments on this post on Quora https://qr.ae/TWHSgD
I have finally found an evidence that also Franklin didn't assign the positive sign to the "vitreous" and the negative sign to the "resinous" electricity completely randomly. Here is a quotation from the book
"THEORIES OF AETHER AND ELECTRICITY - FROM THE AGE OF DESCARTES TO THE CLOSE OF THE NINETEENTH CENTURY" from E.T.Whittaker (1910)
"Some curiosity will naturally be felt as to the considerations which induced Franklin to attribute the positive character to vitreous rather than to resinous electricity. They seem to have been founded on a comparison of the brush discharges from conductors charged with the two electricities; when the electricity was resinous, the discharge was observed to spread over the surface of the opposite conductor "as if it flowed from it." Again, if a Leyden jar whose inner coating is electrified vitreously is discharged silently by a conductor, of whose pointed ends one is near the knob and the other near the outer coating, the point which is near the knob is seen in the dark to be illuminated with a star or globule, while the point which is near the outer coating is illuminated with a pencil of rays; which suggested to Franklin that the electric fluid, going from the inside to the outside of the jar, enters at the former point and issues from the latter. And yet again, in some cases the flame of a wax taper is blown away from a brass ball which is discharging vitreous electricity, and towards one which is discharging resinous electricity. But Franklin remarks that the interpretation of these observations is somewhat conjectural, and that whether vitreous or resinous electricity is the actual electric fluid is not certainly known." (pages 44-45)
The bolding of the text comes from me.