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 I. Theory

Collection:: Economics Books

CHAPTER, 11 NoN-MERCHANDISE TRANSACTIONS TRIBUTES, INDEMNITIES, TOURIST EXPENSES ih ii bl Fr i 2 (RY So far those transactions only have been considered which arise out of sales and purchases of merchandise. Imports and exports of goods have been treated as if they constituted the sole operations in international trade and as if they alone gave occasion for inter- national payments and the transfer of money. As is familiar enough, there are other operations of large consequence. Pay- ments arising from international indebtedness — the making of loans and the payment of interest on loans — are perhaps the most important among them; most important because, for several generations at least, they have played a considerable part in the trade of many countries and over long stretches of time. Other payments also, for expenses of tourists, for charitable or family aid, indemnities payable after defeat in a war, have been impor- tant; and tho less constantly in evidence than the items arising from indebtedness, they have at times risen to a commanding position. Charges for freight and passengers carried in the vessels of another country, and banking and insurance charges, are also substantial in amount. These various transactions have come to be of increasing im- portance since the early part of the 19th century. It is true that all of them taken together have never been as large as the transac- tions on merchandise account. In no country and at no time — so far as I know — have they been equal (measured in terms of the sums of money involved) to the sales of goods between countries. But they have become large and have tended to constitute a grow- ing proportion of the total. We may proceed to consider the principles applicable to them and the modifications of our main 108

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