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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Problems of verification

Collection:: Economics Books

332 INTERNATIONAL TRADE alii no rise in prices ensued, and no increased importation of goods was induced by rising prices. One would argue that such an absorp- tion of gold could not go on indefinitely without enlivening and enlarging the circulating medium as a whole. Eventually there must be rising prices, then increased importations, and thus in the end a readjustment of imports and exports. But it was not even- tually, it was promptly, that the equalization of the imports and exports took place. The insensitive character of the monetary system kept the price level impassive and unchanged; yet the new and presumably normal relation between imports and exports none the less was reached with comparatively little delay. To put it in the fewest words, things just happened so. As regards the merchandise movements, an inspection of the figures shows that it was a fall in exports rather than a rise in imports which caused the money value of the two to become approximately equal. The European demand for American goods declined mark- edly, especially for American agricultural products. The Ameri- cans did buy somewhat more of imports, especially from the Orient and other non-European regions. But these ups and downs can- not be related to any general price movements of the kind contem- plated in the theoretical analysis. There were also, as we have seen, irregular changes of one sort and another in the invisible items. The final state of the international account was the com- bined result of all the items, visible and invisible. The erratic shifts in the whole series of transactions and the final net relation between the debits and credits led first to a prolonged inflow of specie, and then, by the close of 1924, to a cessation of the inflow. The gold which did come in during 1920-24 had no traceable effect on the merchandise imports and exports. Neither did it have an effect on the other item whose marked fluctuations were impor- tant in the final balance of payments — the export of capital. To repeat, it all just happened. One can make out nothing in the na- ture of an ordered sequence, of conformity to rule or to reasoning. It will prove most interesting to watch the course of events during the next decade or so, say till 1935. A common Opinion

Access restriction

Copyright

fullscreen: International trade

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation