The story of Pittsburgh: Food products

Food products (Vol. 1, nr. 12)

Bibliographic data

Multivolume work

Identifikator:: 1831622599

Document type:: Multivolume work

Title:: The story of Pittsburgh

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1919-1930

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Volume

Identifikator:: 1831623587

URN:: urn:nbn:de:zbw-retromon-241112

Document type:: Volume

Title:: Food products

Volume count:: Vol. 1, nr. 12

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1925

Scope:: [ca. 60] Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Dudley-Franklin company

Collection:: Economics Books

THE MONETARY CRISIS 67 and a negative balance of payments. The elements of this crisis are of a kind already known, and the exchanges, no longer restricted by the gold points, are exposed to all the vicissitudes of speculation, as has already happened many a time. It is only the extent of the depreciation in some countries which is unprecedented ; therefore the present crisis 1s chiefly distinguished because its effects are so far-reaching. The connection particularly between ex- change and price movements has long been known, but there was often a fairly long interval between the two occurrences ; in any case, the relation between them had not usually been closely defined.l This relation between price and exchange movements be- comes henceforward one of the main features of the crisis. Even in countries like France, where the loss on exchange has always been fairly small, the accompanying internal rise in prices 2 is certainly one of the most important factors in the monetary crisis and of the various resulting economic disturbances. According as the ratio between internal prices and prices of foreign goods converted into national currency at the current rate of exchange is favourable to export or not, pro- duction will be more or less affected. Again, the dis- tribution of wealth is considerably altered, as wages usually rise and fall more slowly than profits, the higher wage varying less than the lower, unearned incomes remaining constant or nearly so, while most other classes of income increase more or less in proportion to the general rise in prices. It becomes very difficult to make long term con- tracts on account of the variations from one period to another in the purchasing power of the same sum of money. These disturbances become catastrophic in a country where depreciation is continuous and increasing in pace. A certain number of capitalists, e.g., those with unearned ! See Subercaseaux, “Le Papier-monnaie,” p. 208 ¢¢ seq. ? We need only observe here the coincidence of the two phenomena, whatever the chief cause of the rise in prices in any given case may be,— whether it has been traced to the exchange itself, to an increase in the note issue or to a scarcity of commodities,

Access restriction

Copyright

fullscreen: Food products (Vol. 1, nr. 12)

Multivolume work

Volume

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation