Alters- und Hinterlassenenversicherung

Die Nationalökonomie in Frankreich

Bibliographic data

Monograph

Identifikator:: 1777407826

URN:: urn:nbn:de:zbw-retromon-169052

Document type:: Monograph

Title:: Alters- und Hinterlassenenversicherung

Place of publication:: [Bern]

Publisher:: [Selbstverl.]

Year of publication:: 1928

Scope:: 133 S

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: III. Die Organisation der Versicherung

Collection:: Economics Books

112 INTERNATIONAL TRADE ha her imports in money value. The balance of trade is “unfavor- able” to Germany ; her imports of goods exceed in money value her exports. These expressions “favorable” and “unfavorable” bal- ance, with their implication that a country secures a gain in the one case and suffers a loss in the other, are so commonly used in the ordinary talk about international trade that it is difficult to keep away from them entirely. They rest on the obvious fact that if there be no other than merchandise transactions, an excess of ex- ports over imports will cause a flow of specie into a country; and they rest further on the persistent mercantilist notion that there is something advantageous or “favorable” to a country in a relation of exports to imports which, #f it stood by itself, would cause specie to flow in. The qualifying tf has become of more and more impor- tance in modern times, and consequently the mercantilist terminol- ogy, misleading in any case, has lost its significance even as a description of the forces on which depends the movement of specie. Non-merchandise transactions have become so large, and affect so steadily the trade of each and every country, that the relations of imports and exports in themselves give a very uncertain clue to that which in reality determines the specie flow. It is the balance of international payments which determines this flow. In our supposed case the balance of payments is precisely settled; the balance of trade, even tho it be called “favorable” to the United States and “unfavorable” to Germany, leads to no movement of specie either way. In the important sense, the situation has become less favorable to the United States; and this in two ways. Not only do the people of the United States part with a considerable volume of tangible goods (wheat) in order to make the required payment to Germany, but in order to carry out the transaction and at the same time pay for the linen which they continue to buy, they have to barter their wheat for linen on less advantageous terms. Consider the figures. Before the tribute became payable, the United States sent 10 millions of wheat to Germany, and got in exchange 12} millions of linen; for each ten of wheat 12% of linen were got. When the new equilibrium is attained and the annual

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