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

308 INTERNATIONAL TRADE exchange, its price tended to go down. During these same years he prices of domestic goods in the United States held their own and money wages tended to advance. After/ he crisis came the contrary movements. Foreign exchange and the gold premium eld their own, and in 1875 even showed a tendency to rise; whereas domestic prices and money wages in the domestic indus- ries sank at once and almost continuously. In the very last stage, in 1877 and 1878, just before the return to specie payments, the old premium gradually disappeared, and its movement was not so noticeably at variance with the fall in domestic prices and wages. t that closing stage all things were adjusting themselves to the pproaching gold basis; and the phenomena raise theoretical uestions of a different kind. he substantive course of international trade — the actual flow : ee aa — a f goods and the recorded values of the goods — reflected the influ- ence of these movements in foreign exchange and in the prices of domestic and international goods. During the first stage there was a repression on exports; a burden, so to speak, or at all events the everse of a bounty. The prices of exported goods were relatively ow, kept down as they were by the relatively low rates at which oreign exchange could be sold. After 1873, exported goods were elatively Kigh in price. At a time when domestic prices in general ere falling fast, they were kept up by the sustained good rates (until 1878) of foreign exchanges. As regards import prices, what is most significant is the lag in their movement as compared with he export prices. In the end they show, as is to be expected, changes in correspondence with international prices in general. ut there is a preliminary period in each of the two stages in which elatively a less movement appears in the import prices; and this is the equivalent of a bounty during the initial years of the earlier stage, of a burden or repression during the initial years of the ater stage. e then have, as regards this bit of economic experience, an explanation of the way in which, under paper exchanges, the excess f imports was brought about in the first stage, that of exports | he second. The exchanges affected prices; and the price con-

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