International trade

Bibliographic data

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

368 Te i rive INTERNATIONAL TRADE non-merchandise items cause the foreign exchanges to shift, and thereafter lead to larger or smaller movements of physical goods. Next, these very fluctuations in exchange, while caused by mer- chandise movements, become in their turn causes of other mer- chandise movements. The new rates of exchange which are brought about by heavy crop exports operate as a damper on other exports. While they serve to stimulate all imports, they serve also to check some exports, the exports, namely, of those commodities whose conditions of supply and demand are not affected by the crop changes. This again is a consequence more readily observable than is the analogous phenomenon in the case of change of demand. The same general reasoning is applicable to both cases. An altered demand, like an altered supply, modi- fies the movement of certain items of merchandise ; this affects the rates of exchange ; this again affects other merchandise movements. The characteristic phenomena — first, the direct impact on rates of foreign exchange, and next the rebound on the movements of other merchandise — simply come more frequently and more unmistakably under our eyes in cases of change in supply. The eventual effects of course are not the same as the immediate. As in the case of increased demand, so in that of increased supply, there is prolonged readjustment. The rates of exchange, the course of prices in the trading countries, the barter terms of trade, are gradually modified. The nature of the ultimate outcome is different according as there is an increase of supply or an in- crease of demand. An increase of supply from a country — an increased offering of exports from it — tends in the end to make its barter terms of trade less favorable, whereas an increase of demand for its products tends to make them more favorable. As regards ultimate consequences, the difficulties in the way of observation and verification are equally great in the two cases. It is only the first stages in the series of effects which are readily discerned even in the case of increased supply. Crop changes, while they are conspicuous and their immediate effects also are conspicuous, show no regularity. Even tho the output of agricul tural produce may tend on the whole to enlarge, it enlarges at no

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