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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Document type:: Monograph

Structure type:: Chapter

Title:: Part III. International trade under inconvertible paper

Collection:: Economics Books

DISLOCATED EXCHANGES FURTHER CONSIDERED 373 into India, will cause rupee exchange to rise, and this will bring a rise in the price of silver bullion. To sum up. In the case of trade between gold and silver coun- tries, three sets of forces have to be reckoned with: first, the sub- stantive course of trade, the export and import of goods between the trading countries; second, the non-merchandise transactions; and third, the price of silver bullion in terms of gold. Any one of the three may change independently, and thereupon changes will be entailed in the others. In the actual course of events, it will rarely happen that one of the three does vary quite alone, the others remaining the same. In almost every case where one has clearly been active, there will be ground for suspecting that the others have not remained entirely inert. Hence room will remain for differences of opinion how far the final outcome had been due to any one, how far to the combined and interdependent influence of all. There may be clear grounds for supposing that at a given time one of the three forces has been the dominant one or major one. But it will hardly ever happen that there is no ground at all for supposing that the others have not also exercised an influ- ence of their own. Commonly they will have contributed to bring about the outcome, not merely succumbed to the impelling operation of the single one. One set of closely connected phe- nomena — a single tho many-sided result — will be found; the prices of international goods, the rates of exchange, the prices of bullion, will all move with a common accord.

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