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

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

282 INTERNATIONAL TRADE ari) ha 1853 does for Great Britain. It was in the middle of the century that the shift began in Great Britain from an excess of imports to an excess of exports. It was in 1873 that the United States began to shift the other way — toward an excess of exports. That imports exceeded exports in the United States until 1873 — such is seen to be the case, with exceptions in occasional years — was due in the main to the fact that the country was then in the early stage of its loan operations. Capital was being borrowed from England, while as yet the interest payable on previous loans was not large in amount. Other factors also contributed to the import excess, chief among them being the earnings from shipping. The era was still that of wooden ships, which Americans could build and operate to advantage. Relatively, shipping earnings played a larger part in the balance of payments during the earlier decades of the period, a smaller part in the later decades. Borrowing opera- tions had not been considerable before 1830, but became so in the years from 1830 to 1837. Then, after a relapse following the finan- cial and industrial crisis of the last-named year, they revived in the decade 1840-50, and attained large dimensions after 1850. The Civil War of 1861-65 checked them for a while; but shortly after the war one of the great bursts of international capital movements set in. As in the period preceding the Civil War, so in that which now followed it, the building of railways was the main occasion for the investment of foreign capital. The expansion of the American railway proceeded at an extraordinary pace, with all the accom- paniments which characterized this period thruout the world: exaggerated hopes, feverish speculation, devious manipulation. The crisis of 1873 was the nemesis. The collapse was as severe in the United States as elsewhere, and — what is significant for our subject — led at once to a reversal in the relation between imports and exports. Imports suddenly dropped, and continued to be low until the end of the decade. Exports increased almost at once, continued to expand, and began to be greater than the imports. The situation thus dramatically initiated was thereafter maintained for over forty years, until a new dramatic overturn came with the Great War.

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