The sources of public utility capital

Bibliographic data

Monograph

Identifikator:: 1012150852

URN:: urn:nbn:de:zbw-retromon-27269

Document type:: Monograph

Author:: Obst, Georg http://d-nb.info/gnd/11759296X

Title:: Geld-, Bank- und Börsenwesen

Edition:: 25., verbesserte Auflage

Place of publication:: Stuttgart

Publisher:: C.E. Poeschel Verlag

Year of publication:: 1927

Scope:: 1 Online-Ressource (XV, 521 Seiten)

Digitisation:: 2018

Collection:: Business and Management Classics

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Zweiter Teil. Banken und Bankgeschäfte

Collection:: Business and Management Classics

176 MIGRATION AND BUSINESS CYCLES it would seem reasonable to assume, so far as the choice of a par- ticular time of departure is concerned, that the immigrant is at- tracted by unusually promising opportunities, rather than driven by the bitter necessity of seeking an adequate livelihood elsewhere. Conversely, if a relatively large movement of immigrants coincides with depression conditions in both the country from which they come and the country to which they go, then migration must be looked upon as a refuge of despair rather than as a voyage of hope— in such case the immigrant is to be considered as moving, not because he sees a clear opportunity to better a tenable position at home, but because conditions are so bad there that at the worst he feels he has little or nothing to lose. In any event, if the cycles are substantially concurrent in the countries concerned, migration can scarcely be considered as a means of international adjustment of cyclical unemployment; for in such case either it withdraws wor- kers from the home country when employment is at a maximum or it floods an already depressed labor market in the country of im- migration. On the other hand, if there is a substantial lack of uniformity in the cyclical movements in the United States and European countries, then it is entirely possible that large immigration may be equally the result of depression at home acting as an expelling force and prosperity in the United States as an attracting force. Under such conditions migration might have a distinctly beneficial effect, ameliorating distress in Europe and meeting an industrial demand in the United States. Whether the easy satisfaction of an industrial demand for more workers is fundamentally beneficial and conducive to a sound development of industry is a pertinent question, the consideration of which we shall keep in abeyance for the present. Before enlarging further upon the hypothetical possibilities, let us endeavor to discover the degree to which cyclical movements in industry do synchronize in the several important countries. Material Used in International Comparisons. There have been several detailed comparative studies of cycles in the more important industrial countries, the most significant for our purposes being various studies on British economic conditions, consideration of which is deferred to the subsequent section of this chapter dealing with the United Kingdom, and also a monograph by Professor Alvin H. Hansen, based upon monthly data for the period from 1902 to 1908, and dealing with cycles in the United \)

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