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

23%, ) 5 INTERNATIONAL TRADE on with increasing volume. In general the stage of maturity, the turning point, seems to have come in Great Britain shortly after the middle of the nineteenth century. 2 A second factor was the new position which Great Britain’s ship- ping trade attained, or, to be more precise, the accentuation of its already dominant position. British ships had long done more than their share — their “fair” share of one-half —in carrying the imports and exports. With the advent of steam, and especially with the advent of iron steamships, an even greater part of the country’s own carrying to and fro was done in British ships; and in the outside carrying trade — that between third countries — a similar extension took place. The result was a great increase in the earnings of shipping. This item also reflected itself in the excess of merchandise imports. The shipping earnings grew apace after the middle of the nineteenth century, and came to have a larger and larger importance for the international trade of the country, and for the balance of international payments. The excess of imports, however, did not grow with steadiness. At times the upward movement relaxed, at other times speeded up. In a schematic analysis of the consequences of continuing loans, such as was made in the first part of this volume, it is convenient to assume that they are made at a steady rate — a given amount each year — under which conditions it is clear that in time the accruing interest on old loans will over-balance the new ones. In fact, however, they are made with great irregularity. The fAuctuations are closely associated with the alternations and repression of industrial activity. During the recurrent upward stage of buoyancy and speculation, large loans are made; after each crisis there is a sharp reduction, perhaps complete cessation. Each of the successive cycles in British economic history during the last hundred years has been characterized by a great wave of foreign investment, followed by recession and quiescence. Mean- while the item of income from the old and still outstanding invest- ments has continued steadily to grow. The outgoing movement has been irregular; the incoming movement has been regular. The net outcome therefore has been, as regards these two forces,

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