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 299 flown out of the United States in consequence of the country’s heavy remittances on invisible accounts. Prices would have fallen there as compared with prices elsewhere, exports would have been stimulated and imports checked, and the balance of payments finally settled thru an excess of exports. This is the “orthodox” process by which the United States would have met the heavy payments for interest, tourist expenses, immigrants’ remittances, and the like; this is the mechanism which would have brought about the definitive excess of merchandise exports. The actual conditions were very different, and were very com- plex. While the United States was producing and also impounding very large amounts of gold, very large amounts were also being pro- duced in other countries, notably in South Africa. The enormous addition which was being made to the entire world’s monetary stock of gold was distributed among the several gold-standard countries by an irregular and devious process, with ebbs and flows for each and every country. The process of distribution was affected by the circumstance that the United States was itself a producing country. Moreover, it was a country growing rapidly in popula- tion and wealth, such as might be expected under any circumstances to absorb an increasing proportion of the world’s gold. If there had been no gold mines at all within her own borders, some share of the newly accruing output in other regions would have gone this way. The extent of the share so coming in would have depended on her general position in international trade. Tt would have been larger if the barter terms had tended to become more favorable, smaller if they had tended to become less favorable. Tt is a curious result, but doubtless an accidental one, that the net outcome for the whole period should be the retention by the United States of precisely that amount which her mines produced. I turn now to the barter terms — the substantive outcome. On this aspect of the situation, the data have been carefully sifted. We are able to state what was the course of prices for imported and exported goods, what the net barter terms of trade, what the gross barter terms. The charts on pp. 300, 301, show the main move-

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