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

GREAT BRITAIN, I 239 unsteady. While the tendency toward a growing excess of imports has been unmistakable, and has been beyond doubt a result of the uninterrupted growth of inflowing income, the irregularities of the outflow of capital have often caused a marked diminution of the net incoming balance. Even at a comparatively late stage, there were years when a net excess of exports still appeared, as in 1859 and 1872, and some when the balance was even, as in 1873 and 1886. The more common effect of bursts of capital export has been the diminution for the time being of the excess of imports — a phenomenon which, as will presently be pointed out, was noticeable during the first decade of the twentieth century. These are familiar matters. The point that is less familiar, in connection with the theory of the subject, or at all events is not commonly considered, is the closeness and rapidity with which the varying balance of payments has found its expression in the varying balance of trade. The actual merchandise movements seem to have been adjusted to the shifting balance of payments with surprising exactness and speed. The process which our theory contemplates — the initial flow of specie when there is a burst of loans; the fall of prices in the lending country, rise in the borrowing country; the eventual increased movement of merchandise out of the one and into the other — all this can hardly be expected to take place smoothly and quickly. Yet no signs of disturbance are to be observed such as the theoretic analysis previses; and some recurring phenomena are of a kind not contemplated by theory at all. Most noticeable of all is the circumstance that periods of active lending have been characterized by rising prices rather than by falling prices, and that the export of goods apparently has taken place, not in connection with a cheapening of goods in the lending country, but in spite of the fact that its goods have seemed to be dearer at times of great capital export. It must be confessed that here we have phenomena not fully understood. In part our information is insufficient; in part our understanding of other connected topics is inadequate. The

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