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 I. Theory

Collection:: Economics Books

WAGES AND PRICES IN DIFFERENT COUNTRIES 39 of both, and with permanent maintenance of the divergences in wages. The reasoning is simple enough. Stripped to the essentials, as it here has been, it can be followed with ease; and in the sequel it will be shown to be no less convincing when elab- orated, qualified, illustrated, and verified from manifold facts in the world of affairs. Yet to most persons it seems perplexing and anomalous, and remains so even tho the main lines are followed and accepted on the first summary presentation. In the field of eco- nomics, as in every intellectual field, fundamental principles, how- ever simple, are not really understood until they are applied, repeated, turned over, gradually worked into the full intellectual equipment of the recipient. Elaboration, manifold testing, verifica- tion, are necessary not only for the refinement and accuracy of the principles themselves, but also for their assimilation. Another notion, equally erroneous, relates to international differences in commodity wages. With the belief that unfettered trade between nations must lead to an equalization of money wages goes naturally the belief that it will lead to an equalization of “the standard of living” ;#and more particularly will bring a lowering of the standard of the prosperous countries to that of the less prosperous. People do not often distinguish with any care between money wages and commodity wages; they are apt to apply the same impressions and fears to both without discrimination. So far as they do distinguish, they fear equalization and lowering quite as much with respect to the standard of living in terms of commodities as to wages in terms of money. After what has been said of domestic prices and commodity incomes, it is superfluous to dwell on the point. Differences in commodity incomes as well as differences in money incomes may persist under complete freedom of trade. The causes of the possible persistence of the differences, even with free exchange between countries, are no less clear than they are with regard to money wages. In general, then, we may say that high wages and incomes on the one hand, and high prices of goods on the other, do not go together. They do not go together as regards international goods: those are the same in price between countries, while money

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