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.

oy D m SOME EXPERIENCES UNDER PAPER MONEY 397 of foreign exchange. A contrast of the same kind appears in the price movements, that is, the relative movements, of the do- mestic and the in‘Snational commodities. The prices of export goods were low (setting aside irregularities caused by crop con- ditions) during the period of heavy borrowing and general expan- sion, from 1869 until 1873; while they were relatively high after 1873. The prices of import goods showed a similar drift, tho with a lag; they were low during the stage of expansion, especially dur- ing its later years, and they were high during the stage of depres- sion, again most markedly so during the later years. Domestic prices showed movements inverse to those of the international goods. They were relatively high before 1873; after the overturn of that year they fell more sharply than did either import or export prices. A tendency similar to that for domestic prices of goods appears with regard to money wages, the most important of all the domestic prices. In those industries which felt no influence of foreign markets or of foreign competition — those, namely, producing without foreign competition, and solely for the home market — wages showed a distinct upward movement from 1866 to 1873; and they showed a sharp decline after 1873. In export industries, on the other hand, and in industries subject to compitition from imported goods, the movement of wages was virtually nil up to the time of the overturn; they showed no such advance as appeared in domestic industries. In the ensuing stage of depression, on the other hand, their movement, while downward, was much less so than in the domestic field. Relatively, they fell during the first stage, and rose during the second. These phenomena, and more particularly the differences in the price. movements of the several classes of commodities, are in accord with the theoretical analysis made in Chapter 26. The decline in the price of sterling exchange and of the gold premium during the years of expansion was the result to be expected from the heavy borrowings of that period. Abundant command of [onder tiuds was put at the disposal of American borrowers by eit ders. Under the impact of these offerings of sterling oo CO = QQ = < 8 a o £ mm + @ © oO i ~ r= i N~ om ~ oO -~ o oN <> ™ C=) s D o oO — J | 5] se ks se 1 — pe I © — N~ -_— ood -— 1 i oO aN wn << wn m S aN m i ~ QO —E

Access restriction

Copyright

fullscreen: International trade

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation