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, II 249 will be larger for the country having an excess of imports in money value; that is, such a country will be getting a larger physical quantity of imports in exchange for a given physical quantity of exports than it would get if the money volume of the two were equal. This better relation (in physical terms) is of course quite different from the relations of the money value of the imports and exports; least of all can it be said that the latter (the difference in money quantities) serves as a measure or index of the rates of physical exchange. But those terms — the whole of a country’s physical imports as compared with the whole of its exports — constitute the gross barter terms of trade. We may proceed now to consider in what way we might measure changes in the way these transactions take place; how ascertain what modifications may arise in the terms on which a country barters its imports for its exports — both the gross and the net terms. The terms of course must always be advantageous to some extent, otherwise the exchange would not take place at all; but they may be more or less advantageous. There is a range of greater or less, a possibility of more favorable terms or less favor- able terms. The device to which attention is now to be called enables us to measure the change, or the direction of change, toward a more or a less favorable situation. Let it be premised that they in no way indicate whether a country secures a large or a small share of the total gains which the international barter brings to all concerned — to other countries with which it trades as well as to itself — and which are divided between them. They only indicate in which direction the accretion of gain is changing ; whether the gain, whatever it be in a given year, is less or greater in that year than in previous years or in subsequent vears. Itis changes, and changes only, both in the net barter terms of trade and in the gross barter terms, which we are able to follow. The method by which changes in the net barter terms of trade are to be discerned was suggested by Professor Bowley as early as 1893.1 ! England's Foreign Trade in the 19th Century, 1st edition (1293) p. 20. See also Changes of Prices of Imports and Exports since 1881, Journal of the Royal Statistical Society, 1897, Vol. LX, p. 437

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