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 24 TrE UniTED STATES, II. 1900-1914 IN the period from 1900 to the Great War, the foreign trade not only of the United States but of all countries showed a comparatively even growth. The advance, tho halted some- what by the crisis of 1907, and not proceeding at the same pace or in parallel lines in all countries, was world-wide; and it was extraordinary in extent. Allowance must be made, when scanning the figures, for the rise in prices; the physical quantities did not increase as much as did the recorded money values. But with all needed qualification on this score, the ad- vance appears still extraordinary. Something of the same sort had happened a half-century earlier, in the period from 1850 to 1860. Then too the volume of international trade increased by leaps and bounds. Then too, after all allowance for higher prices, the increase in physical terms remained astonishing. In both periods there was the phenomenon of greatly increased gold supply : from the Californian and Australian mines in the first, from the South African in the second. The added gold supply, it is pretty generally agreed, was the cause, or a dominant cause, of the general trend toward rising prices. This same cause is also often referred to as explaining the growth in international trade and indeed in world-wide production. It is not obvious why sub- stantive consequences of such magnitude should ensue from the mere enlargement of the circulating medium, or rather of the basis on which the circulating medium rested. More probably, it would seem that the main explanation is to be found in the accumu- lated effects of improvements in transportation by land and by ocean, such as were made on so great a scale in the second quarter of the 19th century, and were again made in its last quarter, com- 2092

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