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

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part III. International trade under inconvertible paper

Collection:: Economics Books

THE UNDERLYING PRINCIPLES 347 inelastic, there will be a slower decline of the domestic consumption, and a slower transfer of the goods to the export trade. The condi- tions both of domestic supply and of domestic demand will affect the duration of the bounty. For a time, then, and very possibly for a considerable time, there will be some bounty. Prices of exported goods will be high in Great Britain, and export trade will be prosperous. Dollar exchange will be high in London and will probably remain high for a considerable period, tho with a tendency to gradual decline as exports increase. The increase of exports will take time, as in all cases where labor and capital shift from one industry to another ; and the time is likely to be longer than economists have been in the habit of expecting. Converse effects will show themselves in the United States. In New York sterling exchange falls; and Americans who have sold goods to British customers and who have sterling ex- change to sell, get less dollars than before. Side by side with the tendency toward greater exports from Great Britain into the United States there will be a tendency toward less exports from the United States into Great Britain. American exporting indus- tries will be depressed, and depressed according to the extent to which they are dependent on the export market. There will be the reverse of a bounty on exports, a handicap, a penalty. If the exporting industries have been producing preponderantly for the foreign market, as was so long the case and on the whole still is the case with cotton-growing in the United States there may be in those industries a long period of declining prices, depres- sion, complaint. While importing into the United States will be profitable (the dealers and middlemen taking their shares of the gains from the growing business), exporting will be less profitable, middlemen as well as producers finding trade dull and profits small. In the end, it is to be expected, these things will be evened out. The same sort of readjustment of commodity movements takes place as under a specie régime. More goods move from Great Britain to the United States. Fewer goods move from the United

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