Le secours de chômage en Belgique pendant l'occupation Allemande

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Monograph

Identifikator:: 1690007133

URN:: urn:nbn:de:zbw-retromon-103422

Document type:: Monograph

Author:: Mahaim, Ernest http://d-nb.info/gnd/116679514

Title:: Le secours de chômage en Belgique pendant l'occupation Allemande

Place of publication:: Paris

Year of publication:: [1926]

Scope:: XII, 322 S.

Digitisation:: 2020

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapitre XXVI. Le fonds de chômage de gand

Collection:: Economics Books

364 INTERNATIONAL TRADE countries, the United States and Great Britain, to be in the initial position described in the preceding chapter (prior to the remittance there considered). There is a given rate of exchange, and a stable adjustment of prices and of the barter terms of trade; all are mutually related to one another and in proper accord. An increase of demand then sets in for American commodities in Great Britain. Let it be an increase of demand in the strict sense, in the “sched- ule sense,” to use Professor Fisher’s phrase. The British buy the same quantity of cotton, but pay a higher price! Great Britain then has to make larger remittances to the United States than before. The sterling rate of exchange is affected precisely in the same way as when the added remittances on loan account had to be made by Great Britain. Exchange in New York drops; the pound sterling can buy less dollars, and the dollar can buy more of sterling. The American cotton sellers neither gain nor lose. They realize more pounds sterling in Great Britain, but no more American dollars when they sell their exchange in New York. The situation is odd; the British buyers of cotton lose, but the American sellers of cotton do not gain. It is the new rate of foreign exchange which conjures up this paradoxical outcome, acting as a sort of deus ex machina. There are other consequences, however. The new rate of for- eign exchange has an effect on British exporters of steel different from that on American exporters of cotton. The British exporters gain. They sell in the United States (in this initial stage) exactly as much steel as before, and receive for this unchanged quantity not indeed more dollars in the United States, but more pounds in Great Britain. Then sets in a sequence similar to that traced in the preceding chapter. Imports of steel into the United States from Great Britain swell ; and the rate of exchange moves back toward its former position (but not back all the way to the 1 In order to isolate the effects of the change in demand, let it be supposed further that the shift is from a British domestic commodity (one not entering at all within the range of international trade) toward a commodity imported from the United States. The price of the British domestic commodity thereupon will fall below the normal figure. It will remain below that figure until its supply is decreased by a transfer of labor and capital to the making of goods for export, which will in the end serve to pay for the added American goods.

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