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

328 INTERNATIONAL TRADE While doing so, it will tend to have an even greater excess of exports than before. When this process is completed and the foreign investments have been absorbed, a further turn will appear; the =xcess of exports will cease. And if thereafter the country, waxing richer and richer, begins itself to lend to others, it starts on the original round, but from the other end, the initial export of capital being marked by an excess of exports. The last series of changes and transitions, like those preceding, one would expect to find slow and gradual, drawn out over a generation or two. The remarkable thing is that the later transitions, involving the shift from an established borrower’s position to the position of an established lender, should be compressed within less than a single decade. No doubt, even without the forcing process of the war, some growth in this general direction would have set in. The borrowing days for the United States were nearing their end by 1914. By that time there were already substantial outgoing loans, mainly to Canada and to Central America. It is quite possible, too, that even without any war the reversal of the trans- actions on capital account would have proceeded more rapidly than previous experience could foreshadow. The pace of indus- trial change in the United States has repeatedly exceeded all expectations. But with every allowance for the possibility that the conditions were ripe for the beginning of the new cycle, it is extraordinary that the country’s position in the interna- tional capital market should have been so abruptly and completely revolutionized. The nature of the causes at work is not indeed difficult to discern. On the one hand, we have the vast destruction of capital in Europe, especially on the Continent; and not only this, but the ensuing sharp curtailment of the savable funds from which new capital could be derived. In the United States, on the other hand, the war had the effect of adding to its savable funds, and perhaps in even greater degree to its new savings. Great windfalls and great fortunes resulted from the war boom; while at the same time the habit of accumulation extended thru all classes of society as never before. The propaganda for the sale of Liberty bonds of small

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