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 II. Problems of verification

Collection:: Economics Books

VERIFICATION. INTRODUCTORY 159 quite different. The world’s supply, so far from being stationary, has been enormously increased; and the constantly inflowing product of the mines has gone first to the West. However much the wealth of Ormuz and of Ind may shine in tradition, the East has never been a considerable producer of the precious metals. Certainly it has produced nothing of moment during the period since the 16th century, when the trade with Europe began to reach considerable volume, and when, too, our information begins to be somewhat exact. The great increases in the supply of the precious metals have taken place in quarters far from the Orient; not only the famed American influx of 1550-1650, but the Austra- lian and Californian flood of the mid-nineteenth century, and the vast amount, first of silver then of gold, which poured in steadily after 1870. Thruout, what happened between West and East was not a process of distributive changes in an existing fixed stock, but a parcelling out among different regions of a constantly aug- menting supply. True, a considerable part of the continuing product of the mines went to the East. But much the larger part of that disappeared in the sink. What then constituted an addi- tion to the circulating medium of the East was vastly less than what was retained in the West and there functioned actively as money. Of the total increase in the world’s monetary stock a much larger part went into circulation in Western Europe than in Asia, the disparity being the greater if reckoned not in terms of aggregate quantities but in amounts per head of population. These elements of the situation became more pronounced after the middle of the 19th century. Then both the volume of the trade in commodities and the volume of the specie flow reached dimensions never before dreamed of, as indeed all economic phenomena have become unexampled in magnitude. And with the extraordinary increase in quantities, there came an accentua- tion of the particular international relations which we are now considering. Money incomes and money standards in the Western countries rose almost steadily — sometimes indeed with a stand- still or a brief retrogression, but with upward movements after every period of hesitancy, and in the end with great definitive

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