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, III. AFTER 1914 313 of the lending country’s goods. But in this case it was the pur- chase of the goods for export which came first; thereafter came the efforts — efforts that grew desperate as time went on — to borrow in the exporting country itself the money means wherewith to make payment for these precise goods. It was not the loans from the United States that brought about the export of merchandise duit was the previous purchase of merchandise that led to the loans, the export of capital. The chain of causation is the reverse of what is ordinarily to be expected in the international borrowing operations and is ordinarily found in them. I speak of an export of capital from the United States. In good part the outcome of the operations was not so much an export of capital as a repayment or redemption of past loans — a re- import of capital, if that phrase be permissible. To a considerable extent American securities were definitively returned by European investors, and were purchased by American investors. Dividends and interest that had been previously payable to European holders now became payable to American holders. In the readjusted balance of international payments the item of income from these securities, which so far had figured as a debit item for the United States, ceased to figure on either side. For the time being, the income item was insignificant; it was the enormous transac- tions on capital account that signified. As regards these trans- actions, it was immaterial whether the Europeans found the means of paying for their purchases of goods by selling obligations of their own in the United States or selling their holdings of Ameri- can securities. In both cases it was the exports of goods that caused them to turn to the sales, and it was the unusual connection between the two sets of operations that gave the whole situation its peculiar character. Proceeding now to the second great stage of the war operations, that which followed the entrance of our United States into the conflict, we find again phenomena of quite an unusual kind; in part similar to those of the first stage, in part different. As regards the continued exports and the use of loans in paying for them, the situation remained in the last analysis unchanged.

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