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 305 ascribable to causes of this kind, did appear in special degree dur- ing the years (after 1900) when remittances to foreign countries increased in special degree. One may fairly contend that it did. True, the protective system was little more stringent then than it had been before; the changes in the tariff acts of 1897 and 1909 made no great general advances in the rates. But the system had had more time in which to work out its effects. And the element of time is quite as important here as in other parts of the field of international trade, or in the economic field at large. The tariff system led to the growth of the protected American industries by gradual stages, and was cumulative in its effects. It was in the later stages that the full effects appeared, both as regards the industries that still remained dependent on protection and those that no longer needed it. And these full effects, as they were felt after 1900, were to lessen the imports of large classes of goods. It was as if a decline in demand for European goods had set in. There are still other possibilities. Is it to be assumed without further ado that the conditions of demand for the exports remained unchanged thru the period, that the foreign demand schedules for American products continued to be the same? The increase of exports from the United States which we have noted was accom- panied by a change in their character. Not only did they increase in money value; their make-up changed. The proportion of food products, while varying greatly from year to year according to crop conditions, on the whole became less. Cotton retained a dominat- ing position; copper and oil became more important. Most noticeable of all was the larger part played by manufactured goods of various kinds. Thus in the character of the demand by other countries for the exports, as well as in that of American demand for the imports, the conditions may be regarded as having tended to make the terms of trade more favorable to the United States, or rather to have prevented them from becoming less favorable. A change in demand is the most elusive among the factors which act on the terms of trade. Other factors, such as tourist expendi- tures, or capital import and export, can be specifically traced.

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