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

247 by far the most important lending country, that the capital ex- port reached undreamed-of dimensions. The consequence was that for a decade or thereabouts the normal trend — so it may be called — of the country’s international trade was interrupted. A glance at the uppermost line of the chart, which indicates from year to year the excess of imports over exports, shows that this excess grows until the close of the century. But with the year 1900 it ceases to grow ; and after 1904 it declines sharply. Its movement shows an unmistakable inverse correlation with that of the capital exports. Thruout, as the capital exports rise, the excess of imports shrinks. Most signifi- cant for the present purpose is the fact that the marked expan- sion of foreign loans which began about 1904 is accompanied with an equally marked decline in the amount by which the imports exceeded the exports. It will be observed, further, that the cor- relation is direct and immediate. There is no indication of a lag; the change in the balance of payments and that in the balance of trade are synchronous. Of this exact concurrence, hardly to be ex- pected on grounds of general reasoning, more will be said presently. Such a reversal of the normal movement — one so considerable, and persisting thru a decade — would presumably lead to notice- able consequences in the terms on which Great Britain got her goods from other countries. It would tend to make those terms less advantageous. Had the normal course of events continued — a growing increase in the excess of imports — they would pre- sumably have become more advantageous from year to year. The reversal (or rather, marked slackening) of the current of payments might be expected to lessen progressively the gain of Great Britain from her exchange of goods with other countries. On this precise topic, the greater or less gain secured by Great Britain from her international trade under these shifting condi- tions, we fortunately have significant evidence. The statistics inform us accurately about the imports and exports (in terms of money value) ; and it happens that the figures showing the amounts of the invisible items are almost equally accurate. Still more I See pp. 259 ef seq. GREAT BRITAIN, II

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