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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

312 INTERNATIONAL TRADE expected. It was to be expected, too, that the increase of the gold supply in the United States should bring about a rise in American prices, or at least should give the basis and the impetus for a rise; a consequence which did ensue. Of this aspect of the case (comparatively simple) more will be said presently. In other respects, however, things did not happen at all in the way which unvarnished theory would suggest. Indeed, they could not happen so. Prices abroad were not affected by the specie movement. The gold came chiefly from countries no longer on a gold basis — from the dead holdings or reserves of the central banks of England, France, and apparently Russia also. Each of these countries was on a paper basis, was hoarding its gold so far as it could, and was using it reluctantly and under pressure simply as an adjunct to military policy. Prices were determined by the conditions which obtain under inconvertible currency. Nothing like the Ricardian reasoning could be applicable as re- gards international trade: no assumption that there ensued a fall in prices in the European countries whence the gold came, thereby a stimulus to their exportation of goods to the United States, and so on. So far as concerns the inflow of gold the other way, into the United States, the Ricardian consequences might per- haps be perceived ; not so as regards the flow out of the European countries. When it comes to the borrowing operations, we are confronted still more patently by phenomena quite outside the range of the usual explanations. In relation to the substantive course of inter- national trade — the movement of physical goods — the charac- teristic feature of the case was that the borrowings were caused by the exports, not the exports by the borrowing. Cause and effect ran in quite a different sequence from that which has been assumed in our general reasoning, and has been verified in our analysis of the earlier loan transactions of various countries. In all that has been said in preceding chapters, an export of merchandise has been treated as the consequence of an export of capital ; either an indirect consequence, coming about thru price changes, or a direct conse- quence, following the immediate use of the funds in the purchase

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