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 III. International trade under inconvertible paper

Collection:: Economics Books

338 INTERNATIONAL TRADE precisely in what way do these results, similar tho we expect them to be, come about where the machinery in operation is dissimilar ? and may there not be important substantive differences because of the fact of altered machinery ? One or two matters of phraseology may first be disposed of. I shall use “exchange” and “foreign exchange” when referring to bills of exchange and the prices at which the bills sell. Unfor- tunately we have not in English any term which is always and solely used to designate these things, like the German Devisen or the French change. The term “foreign exchange,” which might readily be supposed to refer to the exchanges of goods between countries, 2.e. to the substance of international trade, must be used, somewhat clumsily, when we discuss bills of exchange and the prices at which they sell in terms of another country’s money. On the other hand, following the usage already familiar to the reader, I shall speak of the “terms of trade” or the “barter terms of trade” when referring to the substance of the trade between coun- tries — to the physical volume of goods that go from one to another. Further, I shall speak of “paper exchange” and “specie ex- change,” of “paper conditions” and “specie conditions,” indicating by these phrases whether the trade takes place under a mone- tary standard which is the same in the trading countries or under different standards. There may of course be specie conditions which are not the same in the two countries — gold in one, silver in another; then the case becomes analogous to that of paper conditions and paper exchange. A general term for describing the conditions dealt with in the present chapter is “dislocated ex- changes.” Where the same money is used in the several countries — gold, as in the cases considered in the first two Parts of this book — we have connected exchanges. What we are now to consider is international trade under dislocated exchanges. The older writers assumed that the main currents of international trade were not affected by the substitution of paper money for metallic, or by the circumstance that the trading countries might not have the same metallic standard. Differences between the

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