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

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

THE UNITED STATES, II. 1900-1914 303 total exports on terms as advantageous as before, certainly no more disadvantageous. The curve of gross barter terms, like that of net barter terms, does not mount. This is an unexpected result. It is unexpected for both accounts — the net account and the gross. On general principles we should look for terms of trade more unfavorable in the second stage. The excess in the money volume of the exports meant, to repeat, that the United States, in meeting the divers additional charges for immigrants’ remittances, tourist expenditures, interest, and the like, sent out goods having a greater money value than the goods she bought. The process would presumably mean that the United States was pushing the sale of her goods in foreign countries, was offering them at lower prices, would send out relatively greater physical quantities — would have barter terms less favorable. It does not appear to have been so. The heavy debit items were met without this disadvantageous consequence. The case shows an outcome different from that in Great Britain and Canada during the same period. For these countries, the actual course of events proves to be in accord with theoretical prevision. For the United States it does not. [ am not sure that this anomaly can be satisfactorily explained. But there are at least possibilities of explanation. The two sets of cases — Great Britain and Canada on the one hand, the United States on the other — while alike in one respect, are unlike in others. Both in Great Britain and Canada one single factor was dominating the changing course of international trade. In Great Britain it was the great lendings, the capital exports; in Canada it was the great borrowings, the capital imports. But in the United States the situation was not so simple. We have grounds for believing that there was not merely the one new factor of heavy debit charges and heavy remittances. Other factors also changed, or at least were greatly modified or accentuated. First to be mentioned is the accumulated effect of the protective tariff policy so long maintained by the country. Here there may be — we must speak in guarded terms — an illustration of the working of duties on imports, as set forth in Chapter 13. The

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