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

248 INTERNATIONAL TRADE important for the purpose in hand is the circumstance that we have price figures of a kind not usually obtainable. The British Board of Trade publishes price figures separately for imported and exported articles, or rather, indices showing the movement of the prices of the two classes. The lack of separate price figures of this kind is one of the greatest obstacles to any procedure for testing the validity of the more complex parts of the theory of inter- national trade. In the present case, as in that of Canada, just considered, we are fortunate in having the needed data. Let the reader recall what has been said elsewhere! about the net barter terms of trade and the gross barter terms of trade. The net barter terms are those of the exchange of domestic goods for foreign goods in the very simplest manner, where nothing enters into the trade between countries except sales and purchases of merchandise. Then the net barter terms are the only terms that arise, and this is the only sense in which we can speak of the terms of trade. For the moment I ignore services; they will be considered presently. It is the goods transactions, thus con- sidered as the sole items, which the Ricardian theory in its earlier formulation alone took into consideration. But as the non-mer- chandise transactions enter, there is occasion to distinguish. The actual international trade of any modern country may be sepa- rated into two parts: first, the exchange of exported goods for an equal money value of imported goods; second, an excess in money value of the imported goods over the exported goods, or vice versa (as the case may be), representing the balance of the non-mer- chandise transactions. The distinction, be it observed, is one of analysis only. What in fact takes place is that one unsegregated mass (or flow) of physical goods moves toward the country as im- ports, another mass moves out as exports. For a country having net payments due fo it on the “invisible” account, the money value of the imports is greater than that of the exports; for a country in the reverse situation the money value of the exports is greater. The physical volume of the incoming goods (imports), as compared to the physical volume of the outgoing goods (exports), 1 Chapter 11, pp. 113, 117.

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