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

GREAT BRITAIN, II iyi se Re hag HAT 259 Britain. It will be seen that the trends of the two lower curves are markedly downward for the period as a whole. Whichever of the methods of measurement is applied — gross terms or net terms — it appears that Canada gave progressively less of physical exports in exchange for a given quantity of physical imports. As regards the gross barter terms, this progressive gain was the natural concomitant of the heavy borrowings. It was to be expected that Canada, getting a growing excess of imports over exports in terms of money, should also get more imported commodities in proportion to her commodities exported. But for the verification of theory it is particularly significant that the net barter terms also become more favorable. The Canadians not only got more of physical goods in proportion to the goods they sent out, but they got, on better terms, those imported goods which may be regarded as coming in payment for their own exported goods, and which had no relation to the borrowings. And these advantages are further reflected in the upper line of the chart, which shows the course of money wages in Canada. The movement of Canadian prices and wages has been fully described in the preceding chapters; the course of money wages is here charted merely in order to show the contrast, or rather the natural inverse correlation, between the course of money wages and that of the terms of trade. Just as the Canadian case is a simpler one than the British (being as it is an almost pure experiment in international borrowing), so the verification of general reasoning is more marked and more une- quivocal.l The question now suggests itself whether the monetary phenom- ena in Great Britain during this period show the same sort of accordance with theoretic reasoning as has been found for the terms of trade. Did gold imports and exports, bank loans and bank deposits, the total circulating medium and prices, move in the manner we should expect? To this question I am unable to give an answer. As regards Canada, Professor Viner’s researches ! The figures on which the chart is based are given in full in Appendix II, p. 414, where due acknowledgment is also made to Mr. A. G. Silverman, by whom they were compiled.

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