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 I. Theory

Collection:: Economics Books

60 INTERNATIONAL TRADE aa and did the leading branches of the cotton manufacture. But the utilization of cheap common labor enabled them, not indeed to hold their own without protective duties, but to get on with a less barrier than would otherwise have been called for. The effect was the same in kind as that on the cotton industry, but not so marked in degree. These peculiarities in the American labor situation did not rest on permanent causes. They were due, as has already been said, primarily to the great inflow of immigrants during the period in question. The restrictive legislation of 1916 brought a complete change, one whose effects will ramify far and in many directions, but in no way more than in a new adjustment of the relative wages of skilled and unskilled laborers. The differential will become less pronounced in favor of the skilled as against the unskilled. The industries which have adjusted themselves to a large and relatively cheap supply of the unskilled will have to readjust their ways. So far as they are subject to competition from foreign industries, they will be in a less advantageous position than before. The relations between the wages of the two groups will probably come to be in the United States not different from those in England, in Germany, and in Australia. This particular source of comparative advantage (or of an offset to a comparative disadvantage) will grow less and less, and probably will in the end disappear.! 1 Tn these paragraphs I have sketched in bare outline the labor peculiarities of the American industrial situation as it stood before 1916, with regard only to their bearing on the particular phase of the theory of international trade here under con- sideration. As regards other aspects of the situation — the economic and technical development of the several industries, the tariff problems involved —1I refer the reader to the extended discussion in my book on Some Aspects of the Tariff Question.

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