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

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

212 INTERNATIONAL TRADE hERva LTE RE strengthening or mitigating this one influence and always veiling it. Hence in such a country it is peculiarly difficult to trace the concrete working of the forces of international trade. There is nothing like the sensitiveness of the deposit-using countries, in which a great structure of credit money rests on a slender basis of reserves. There is the persistent steadiness of a circulating medium in which actual gold is used in a great mass of daily trans- actions. It is not necessary to go further in the consideration of the monetary conditions of other countries of Continental Europe. Most of them, as they stood in the gold-standard days, presented features resembling the French. When the specie supply was less abundant, as for example in Ttaly and Austria, there was greater sensitiveness to gold movements. But it was then a sensitiveness rather of the standard of circulation than of the circulating medium itself, and raised questions more akin to those of trade under incon- vertible paper than to those of trade with free gold movement. Where the gold supply was abundant and the metal was freely used in every-day payments, as in Germany and Belgium, there was resemblance to the French type, yet with variants. The German situation of pre-war days had some features of its own. Note issue was regulated and restricted; deposits and postal- checking accounts were coming into steadily greater use; the habits of the people in using money were changing almost as fast as population and industrial growth. The general result was that the monetary system, tho by no means so sensitive to specie flow as that of England — indeed, meant to be protected from dis- turbance by a deliberate bank policy — yet was less sluggish than that of France. But, to repeat, it is not necessary to go farther in this sort of description. What has been said suffices to show how great are the differences between countries, how complex and heterogeneous are the several monetary systems. Obviously it is needful to bear in mind the nature and the mechanism of these systems in any attempt to follow the working of the forces analyzed in the pure and simple theory — operating, as those forces must, thru specie movements and thru price changes. a ak

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