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

THE UNITED STATES, III. AFTER 1914 321 doubtful at the date of writing (1926) whether the country’s trade had settled to really permanent conditions. I hesitate to comment on the rapidly shifting situation; whatever is written on the subject now (1926) will be behind the times from the moment of publication, and will need to be supplemented and revised in view of what develops during the years following. The analysis which follows is designed mainly to show how long the post-war conditions in the United States retained an unusual character and how little they lent themselves to explanation on the lines of the general theory of international trade. I will begin by con- sidering In turn the several items in the international account. While there were still temporary and erratic movements, others of permanent significance can be traced. The temporary movements were mainly caused by the still dis- turbed conditions of European countries. Uneasiness about the monetary and political prospects led to anomalous transactions of considerable volume. Characteristic among these was the outflow from the United States of its paper money, much of it in small denominations. Being a thing stable and reckonable, this was used or hoarded in Germany, Austria, and other countries with disorganized currency. For the time being its outflow was equiva- lent to an export from the United States. Before long — by 1923 and 1924 — the paper straggled back; and its back flow became in turn equivalent to an import item. Similarly, uneasi- ness concerning the future caused foreign investors and property owners to transfer funds to the United States. Sometimes they bought American securities outright; sometimes they left “money” to their credit on the books of banking houses. These operations (most marked in 1923) were equivalent in their effects to the making of loans by Europeans to Americans. They brought an offset for the time being to the loans which were made at the same time by Americans to Europeans. This flurry became less marked after 1923. On the other hand, the European borrowings which had begun during the war and had been maintained even thru the period of greatest uneasiness, were resumed on a larger scale by 1924, and quite offset the effects of this flight of capital.

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