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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Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

CHAPTER 20 GREAT Britain, I THE international trade of Great Britain during the nineteenth century and the earlier years of the twentieth gives opportunity for illustrating and testing some conclusions of theory. An inspection of the course of the imports and exports for the entire period, roughly a century, from 1830 to 1914, shows that a striking change in the relations between the two took place about the middle of the nineteenth century. During the first half of that century, until 1853, the recorded exports regularly exceeded the imports. After 1853, however, the contrary relation appears: the imports exceed the exports. = The excess of imports is moderate at first, being from thirty to forty millions of pounds during the third quarter of the century. Beginning about 1873 it becomes more marked, increases irregularly but with hardly an interruption, often by leaps and bounds, and toward the end of the century rises to extraordinary dimensions. The turning point came in the middle of the nineteenth century ; and on the face of the figures it came abruptly. In the year 1854, the recorded imports suddenly exceed the recorded exports. But this dramatic change — hardly to be expected on general prin- ciples, especially in view of the circumstance that the year was not one of crisis or other sharp overturn — proves on inquiry to be the evidence only of a change in statistical procedure. Until 1854 imports had been recorded on a basis of “official value” — arbitrary price figures for the goods. A change toward a more accurate reckoning, on the basis of the actual prices, was then made.? Thereupon the recorded import value shot up suddenly. 1 Figures for the entire period are in the U. S. Statistical Abstract for Foreign Countries, of which the first number (and for a long while the only number) was issued in 1909. See pp. 40 et seq. 2 See R. Giffen’s Essays in Statistics, pp. 76-77. I know of no inquiries on the real relations between imports and exports during the earlier period. 236

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