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

318 INTERNATIONAL TRADE the end of the war the gap between imports and exports could not remain so vast. The prices of the commodities on which the war demand had impinged most directly — explosives, metals, foodstuffs — could not but plunge downwards. The general price level must cease to rise; presumably it would fall. It is quite in accord with previous experience under analogous conditions that the revulsion did not take place immediately. For a few months immediately succeeding the armistice there was a halt, a taking of breath as it were. Then the business world made an endeavor to resume and maintain the mad pace of the war. So it was at least in the victorious and the neutral coun- tries; and even the defeated made some such start. The full history of the speculative period which began early in 1919 and ended with the crisis of the autumn of 1920 is still to be written. Much affected by the anomalous monetary conditions of the post- war period, it had all the characteristics of an inflationist craze. But both gold-standard countries and paper-standard coun- tries; both those with wide use of deposit and check systems, and those making but slender use of that powerful mechanism; coun- tries almost exhausted by the war and countries to which it had brought affluence — all alike went thru the same excitement and the same revulsion. Perhaps something of the kind was inevitable : a stage of release and buoyance, and then at last the slow and bitter process of recovery from the lasting effects of the desperate struggle. The course of the international trade of the United States under these conditions was in accord with the general movement. Here too there was a false start, followed by a painful readjustment. For a considerable period the situation was one to which the ordinary formulae could not apply. The figures of the imports and exports of goods, and those of the flow of specie, are curious. Consider first the calendar years from 1 Not only its history, but its lessons with regard to monetary problems remain to be clarified. The causes by which the decline of prices was finally precipitated ; the links of connection between that decline and the volume of credit and of cur- rency ; the part played by public finance and government deficits; the interaction of domestic trade and foreign trade — here are matters which give the economists much to reflect on.

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