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

196 ET Sr a im INTERNATIONAL TRADE not the mere chronicle of what has taken place, but a search for the underlying forces and for the meaning of it all. The problems bear on important matters of economic policy, and indeed focus on the fundamental question of the weight and influence of the various political and legislative steps by which a people’s economic development can be promoted. The familiar doctrine of protec- tion to young industries is but one among the obvious aspects of this large group of problems. They are by no means to be neg- lected in any applications of the reasoning set forth in these pages. But for the present purpose — that of the verification of certain theoretical doctrines — we may accept the dictum of Adam Smith, who, with one of those flashes of insight so often found in the great Scotchman, remarked : “Whether the advantages which one coun- try has over another be natural or acquired, is in this respect of no consequence. As long as the one country has those advan- tages, and the other wants them, it will always be more advan- tageous for the latter, rather to buy of the former than to make. It is an acquired advantage only, which one artificer has over his neighbor, who exercises another trade; and yet they both find it more advantageous to buy of one another, than to make what does not belong to their particular trades.” ! 1 Wealth of Nations, Bk. 4, Ch. 2 (Vol. 1, p. 423, Cannan edition).

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