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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

272 INTERNATIONAL TRADE i] Rf this way, is not to be ascertained. For the purposes of the present inquiry, fortunately, statistical precision or even approximation is unnecessary. It is clear that during the years 1872 and 1873 substantial amounts of gold left France. That country had had just the opposite experience in the previous decade ; then there was an inflow of specie, not an outflow. After the exceptional years 1872 and 1873, the inflow again set in, being indeed the normal trend for France under her general economic conditions. Germany appears to have had an inflow of specie thruout the decade — and practically all of it was gold, tho in what amounts, over and above those which the Government Treasury received directly from France, cannot be stated with exactness. What does appear clearly, however, and is the essential thing to be brought out for our purpose, is that the circulating medium in Germany was greatly swelled. Between 1871 and 1873 a large amount of the new gold coin was added, while practically nothing of the old silver was withdrawn. The fiduciary paper (government issues and uncovered bank-notes) was also substantially increased. The total money in circulation increased in the three years by fifty per cent; in round numbers from a trifle under 2000 to full 3000 marks.! So sudden an increase, coming at a time when all the other conditions for expansion were present, naturally resulted in a sharp rise of prices and in a speculative orgy which culminated in the crisis of 1873. Then there was a check; yet soon a resumption of the upward movement. Thru the greater part of the decade gold continued to flow into Germany. Imports also continued to flow in, and there was a marked excess of imports over exports. Ger- many got both gold and goods; got something in a sudden burst during the immediate period of the indemnity payments, but much more in an almost continuous stream for many years there- after. It is this last-mentioned course of events — the continuous movement of goods and money toward Germany thru the decade following 1871 — that is of most interest as regards the general problems of international trade. What it indicates is that, whereas 1 These are the figures of Soetbeer, Deutsche Zeit- und Streitfragen, p. 50.

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