International trade

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Monograph

Identifikator:: 1758394757

URN:: urn:nbn:de:zbw-retromon-136209

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: International trade

Place of publication:: New York, NY

Publisher:: Macmillan

Year of publication:: 1927

Scope:: XXI, 425 Seiten; graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

VERIFICATION. INTRODUCTORY 153 place, the conduct of international trade by a process which is substantially barter. These are matters familiar to economic students. The part played by the foreign exchanges, where the trading countries have the same standard (gold), is one of the topics best understood and most adequately discussed in the subject matter of economic science. The man on the street, knowing that international transactions are conducted in terms of money, thinks commonly, or at least commonly speaks and writes as if they were settled in actual cash; he imagines money to go out in payment of imports and to come in for the exports. The economist, indeed any attentive observer, sees in these trans- actions a typical case of trade carried on in terms of money but with little intervention of money. All this, to repeat, is familiar ; it is quite in accord with theoretic reasoning; and so far verifica- tion is simple and easy. In the present volume it needs no further attention. The more complicated relations between imports and exports which arise when there are non-merchandise transactions serve almost as well among the simpler verifications of the theory of international trade. The well-known discrepancies between the money values of imports and exports — an excess of imports here, an excess of exports there — are quite in accord with the theoretic analysis. They will be considered at some length in the follow- ing pages. I may remark at once that, while the general character of the phenomena is in accord with the hypothetical deductions, some features can be explained only by the introduction of variants in the assumptions. Some, too, prove in the end not easily recon- cilable with the generalizations of pure theory either in its original or in a modified form. The more detailed consideration of certain cases of non-merchandise transactions will be among the most instructive in our attempts at verification. A different phase of that verification which is derived from the attentive consideration of these familiar phenomena appears when we observe prices and money wages in different countries. It is a common impression that there is a tendency to world-wide equali-

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