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

346 en INTERNATIONAL TRADE goods, the substantive course of international trade, the eventual price situation in the trading countries, the barter terms of trade, are affected. An early and almost immediate effect clearly is to stimulate the movement of goods from the remitting country (Great Britain) to the receiving country (United States). The British traders who sell goods in the United States receive more than before for the dollar exchange which they can put on the market. There is something like a bounty on British exports, felt first by the mer- chants and middlemen, soon by the producers. The extent and the duration of that bounty depend on the conditions under which the goods are produced in Great Britain. If they are produced solely for export, the bounty will be large and will last for some time. Altho goods in stock may be pushed for export more rapidly when the movement begins, altho the first stage may be merely that of taking up the slack, no really effective addition to the quantity exported can take place until more of the goods are produced ; and that takes time, perhaps much time. Such would be the case, for example, with coffee exported from Brazil; the domestic consumption is negligible, the export sale dominant, the output very constant. If, however, there is a substantial domestic consumption — if the output had previously been marketed partly at home and partly in the United States — there would be some shift from the domestic market to the foreign, and so some addi- tional export of goods, some additional supply of dollar exchange in London. Exchange will not rise in London as high as would have been the case without these further exports. The extent of the addition to the supply of dollar exchange will depend on the extent to which consumption and sales in the domestic market are curtailed. At the other extreme would be the case where the domestic consumption had previously absorbed the greater portion of the output, and the export had been but a small portion. Here there is more easily a shift from the domestic market to the foreign, and a larger and quicker addition to the supply of dollar exchange. The extent and speed of these adjustments will be affected obviously by the elasticity of the domestic demand. If that be

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