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

366 ws TR iy ih INTERNATIONAL TRADE afford plenty of scope for elaborated analysis, but little opportu- nity for verification in the actual course of trade. Returning now to the initial effects on the article for which there is the increased demand, and on the rates of foreign exchange, we have to confess that here also the deduced conclusions are rarely subject to verification or correction from actual experience. An increase of demand is an elusive thing. Changes in demand doubtless are taking place all the time, but it is rarely possible to put one’s finger on a specific case and keep it under continuous observation. Commonly an increase of demand sets in not by a sudden sweep of the kind assumed in the preceding pages, but by slow and gradual steps. The further changes which ensue under conditions of dislocated exchanges — the altered supply of sterling exchange and the shifts in the rates of exchange — also appear gradually. During their slow course they are likely to be offset or reénforced, as the case may be, by other changes occurring in the same period. And the reverse effect on other articles of export, caused by the change in demand for a particular article or group, appears also by insensible gradations, and would be no less difficult of disentanglement. It is only in time of war that an abrupt and extensive change of demand for a given article is likely to occur; but in time of war still other factors will also undergo great and sudden changes; and the entire situation will be even more complex and confused than in time of peace. I doubt indeed whether there are any conditions at all — war or peace, dislocated exchanges or gold exchanges — under which it would be possible to verify or substantiate by actual observation the theoretic conclusions on the effects of changes in demand which play so considerable a part in the literature on international trade. Another case, however, belonging in the same class, can be discerned in the actual course of trade and its sequence followed. It is that of a change in supply, not in demand. Suppose there is abrupt increase in the quantity of a given commodity offered for export. In a country whose industries are chiefly extractive, just this frequently happens. If its exports consist largely of agricultural products, its international trade is subject to spas-

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