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

I'HE UNITED STATES, III. AFTER 1914 329 denominations proved to be the initial stage in a remarkable spread of the investment tradition. The bourgeois attitude per- meated the social body as never before in this country or in any other. At the date of writing (1926) it still remains to be seen how great and permanent were the changes in the international loan account between the United States and other countries. Quite possibly the eventual outcome will prove to be less revolutionary than these first experiences seem to indicate. Time may bring relapses and reactions. The domestic demand for investment funds will continue to compete with the foreign, and may easily be so strong as to put a damper on the export of capital. In foreign countries the stage will be reached in due time when their most pressing needs for reconstruction are satisfied and their own savings begin to be more nearly adequate for their ordinary capital operations. But the pre-war conditions are clearly gone. Henceforth lending operations and the loan account must play a quite different part from what they did before 1914. And when all is said, the rapidity of the changes which took place, no less than their extent, remain extraordinary. On the third general problem of this latest period, the new situation as regards the international flow of gold, the essential facts have been indicated already.! The great imports of the metal during the war itself were succeeded during the year after its close by others no less great, tho spread over a somewhat longer time. A temporary reversal of the current, and a sharp one, appeared in 1919, when nearly 300 millions went out. But soon the main flow was resumed, and during the entire period from [919 to 1924 the net amount that poured into the United States was nearly 1300 millions.? What signifies for the present inquiry is not so much the volume of this movement, extraordinary tho it was, as its relation to the general theory of trade balances, specie flow, international prices, and international trade. I See pp. 309, 318 above. ! The imports for 1920-24 were 1552 millions ; deducting the exports of 292 millions in 1919, we have a net import of 1260 millions.

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