Volkswirtschaftliches Lesebuch für Kaufleute

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Monograph

Identifikator:: 101266578X

URN:: urn:nbn:de:zbw-retromon-24415

Document type:: Monograph

Author:: Pohle, Ludwig http://d-nb.info/gnd/116260793

Title:: Kapitalismus und Sozialismus

Edition:: Zweite Auflage

Place of publication:: Leipzig ; Berlin

Publisher:: B. G. Teubner

Year of publication:: 1920

Scope:: 1 Online-Ressource (IV, 175 Seiten)

Digitisation:: 2018

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: I. Die Grundlagen der gegenwärtigen Wirtschaftsverfassung und der Sozialismus

Collection:: Economics Books

CHAPTER 25 Tae Uxtrep States, III. ArreEr 1914 Fan ulier THE present chapter deals with the international trade of the United States during the years of the Great War and of the period immediately after it. In carrying the narrative and analysis into this extraordinary and abnormal period, I depart from the plan of the previous chapters, which made no attempt to consider the war and post-war phenomena of European countries. The grounds for including the American experiences of this date are two. In the first place, the United States remained on a gold basis, and might be expected to illustrate the mechanism of international trade under specie conditions. Second, the events of the time led to unusual and striking operations bearing on our general problems. On the outbreak of the war, in July, 1914, the immediate effects were almost as disastrous in the United States as in the warring countries. A severe financial crisis was precipitated, so severe that the New York Stock Exchange, for the first time since 1873, was closed, and remained closed for a longer period than ever before in its history. There was a heavy drain of gold out of the country; gold payments were virtually suspended; foreign ex- change soared ; extraordinary measures were taken by the banks to meet extraordinary emergencies! But this stage of semi-collapse proved brief — so brief that it has almost faded out of memory. By the end of the year calm had been restored, and the export of gold ceased. The Stock Exchange opened in the early days of 1915. There was a slow revival of industry and trade during the first half of that year, a more rapid revival in the second half. By 1916 the war boom set in. It lasted thru 1917 and well into 1918. While a boom thruout, its economic characteristics were ! For an excellent account of this first stage see an article by Professor O. M. W. Sprague in the American Economic Review, Sept. 1915. 307

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