International trade

Bibliographic data

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

{44 INTERNATIONAL TRADE al abroad decline; and they will soon begin to buy somewhat more of the taxed goods themselves, as these show a decline from the enhanced price which appeared on the first imposition of the duty. On the other hand, consumers abroad will buy less of American articles than before. Their money incomes have been lowered, while they are faced by higher prices of the American goods. Exports from the United States will decline from the volume at which they stood at the outset. The movement of specie, and the consequent changes in prices and money incomes, will go on until the money value of the total imports again equals the money value of the total exports. Then new conditions of international trade will have been established; and these new conditions will become definitive; that is, will persist, other things remaining the same, as long as the duties persist. Eventually, then, equilibrium will be restored. American imports will be less, exports also less; the total volume of inter- national trade will be diminished. But when the new equilibrium is reached, the terms of trade will have been altered to the advan- tage of the United States. Her people will have higher money incomes, and will be buying foreign goods which are lower in prices. Conversely, the people of foreign countries will have lower money incomes, and will be buying American goods which have risen in price. The Americans will be the gainers under the new terms of trade, the others the losers. For a given physical quantity of exports the Americans will be receiving a larger physical quantity of imports. The barter terms of trade will be changed to their advantage. Needless to say, the fax which the American consumers pay, in the form of enhanced prices of the dutiable imports, is not to be regarded as a loss, not as something which offsets the gain to them from the better terms of trade. The proceeds of the tax serve to pay public expenses. Had it not been for them, some other levy would presumably have to be made. If it be suggested that the tax may lead to public extravagance, to expenditures that are wastefully made or bring no substantial gain to the community, it is sufficient to remark that this may happen under any and every

Access restriction

Copyright

fullscreen: International trade

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation