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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Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

CHAPTER 23 Tae Unrrep StaTES, I. UNTIL 1900 RT feds hf A a THE international trade of the United States during the century preceding the Great War presents phenomena analogous to those of Great Britain. More especially the influence of loan operations is abundantly illustrated. The illustration runs, of course, the opposite way; the United States was a borrowing country, not a lending one. Statistical data on prices are unfortunately not avail- able with as much detail as for Great Britain; and hence it is only in the more conspicuous aspects that the consequences of the capital movements can be traced or the conclusions of theory tested. It happens also that for the later years of the period, with which the present chapter deals (before the Great War), some complicating factors entered which probably would make any clear verification impracticable even with the most complete figures. I do not propose to follow in detail the history of the movements in the country’s trade. They have often been described, and the reader who is interested can readily turn to other sources of full information.! It will be enough for the present purpose to sum- marize the main happenings, and to note their significance. The relation between exports and imports — that is, between their money values — is naturally the phase about which our information is most full and trustworthy. The accompanying chart shows how that relation stood from 1821 to 1914. For rea- sons which will appear in the next chapter, the chart is not carried beyond 1914. As in Great Britain, so in the United States, there is a mid-way point between two main currents. The year 1873 marks a turn of the tide in the United States in essentially the same way as the year 1 See especially the paper on the Balance of Trade of the United States, by C. J. Prion 8 : H. Williams, and R. S. Tucker, in the Review of Economic Statistics, IRN

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