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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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. International trade under inconvertible paper

Collection:: Economics Books

CHAPTER 26 THE UNDERLYING PRINCIPLES THE theoretical analysis given in Part I of this book and the discussion of the problems of verification in Part II have rested thruout on the assumption that one and the same metal — gold — is the basis of the circulating medium of the trading countries, and moves freely between them. It is obvious, however, that the machinery of the flow of specie, of prices, of money incomes rising or falling because of the specie movement, of readjustment thru a new level of prices and money incomes in each of the countries — all this cannot operate, or at least cannot operate in the same way, where the monetary systems rest on different bases. Where there is paper in one country and gold in another, or gold in one and silver in another, the entire mechan- ism is different. The compensating, correcting, stabilizing influ- ence of gold movements ceases to be operative. It becomes a question whether in its absence the substantive outcome also is different. How, for example, do our conclusions on the barter terms of trade apply? It has been among the major objects of the present volume to ascertain in what way and to what extent the general reasoning on the barter terms of trade is found applicable in the concrete working of international trade. That same prob- lem presents itself where there are different monetary systems and dislocated foreign exchanges. The presumption no doubt is that the ultimate phenomena of trade between nations will not be essentially different because of differences in their monetary systems. Just as trade between individuals will presumably be conducted on the same terms under a money régime as under barter, and on the same terms under one monetary system as under another, so also with regard to trade between nations. But 227

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