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

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Theory

Collection:: Economics Books

TRIBUTE AS EXAMPLE Raa ie 109 conclusions which they suggest. The reader will bear in mind that it is the principles alone which are here to be considered. The actual operations will be described and discussed at some length in the second part of this book, and will give occasion for considerable qualifications, perhaps modifications, of the principles. ol “Invisible” is the adjective commonly used to describe these items. They are invisible simply in the sense that they are not ecorded as publicly as the imports and exports of merchandise, and on the whole are not so accurately known. The term is convenient when one wishes to speak of the whole series of items and to com- pare them with the goods transactions. Begin with the simplest case of all : a remittance that has to be made from one country to another, with no quid pro quo obtained or to be obtained from the country receiving the payment. Such, tor example, would be the remittance of income to absentee land- lords ; more strikingly, a war indemnity payment, or a mere tribute. When there is, immediately or ultimately, directly or indirectly, a return of some sort by the receiving country — as with freight harges, tourist expenses, loans — the situation is different in some essential particulars. Eliminate this perhaps complicating ele- ment by taking a case in which there is no quid pro quo of an kind : something in the nature of a tribute. uppose further that a stated payment is to be made regularly year after year. Sporadic payments are commonly effected, under the modern organization of money and credit, by methods which disturb the ordinary course of trade to a surprisingly small extent ; and very heavy payments of this kind are often settled with great smoothness. Steadily continuing payments, however, even tho moderate in amount, are not wound up without affecting the main current of international trade — the movement of goods from untry to country. “Recall the figures already considered. Suppose : In the U. S. 10 days’ labor produce 20 wheat } S100 P vi 20 linen ”’ Germany 10 ” » 7? 10 wheat ” Germany 10 ” 15 linen

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