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

THE UNITED STATES, II. 1900-1914 293 bined with the opening of new sources of supply for those raw material and food-stuffs for which cheapened transportation signifies most. Yet it remains striking that the physical movement of goods should enlarge so enormously at the very time when the gold supply also was in the stages of most rapid advance. There are questions here which have not been satisfactorily answered. As regards the present inquiry, however, they need not detain us, since we are concerned not so much with the total volume of inter- national trade or with the causes which make it grow more or less rapidly, as with the relations between imports and exports and the causes of changes in these relations. In the United States, the period from 1900 to 1914 presents some special problems in this regard. It has already been pointed out that by 1890 the stage had been reached where there was defini- tively an excess of merchandise exports over imports. The periods of wavering (1885-1890) and of confusion (1890-1900) were over by 1900. The United States had then become unmistakably a country in the later phase of borrowing operations. The interest payable on previous loans had risen to great amounts; the inflowing remittances from new borrowings were not great. The balance of the loan transactions led to net payments out of the country and so tended to bring an excess of merchandise exports. But that was not all. Still other items entered, and made the international account as a whole far from simple, and the applica- tion or verification of general principles by no means easy. First of all, it is to be noted that the excess of merchandise exports was very large indeed. The chart on the following page shows how extraordinary it came to be. When it rose in 1898 and 1899 to figures of 640 and 550 millions of dollars (respectively), the con- ditions were regarded as exceptional ; and for myself, I recall that at the time it seemed impossible that an excess of this extent should persist. Yet something like it was maintained thruout the period to 1914. With but two exceptions (1909 and 1910) each single year showed an excess over 400 millions; and for the period 1900- 1914 there was on the average an excess of over 500 millions per year. The aggregate money values of both exports and imports

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