Der Handelskrieg von England, Frankreich und Italien gegen Deutschland und Österreich-Ungarn

Das Retablissement Ost- und Westpreußens unter der Mitwirkung und Leitung Theodors von Schön

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Monograph

Identifikator:: 1047609576

URN:: urn:nbn:de:zbw-retromon-77392

Document type:: Monograph

Author:: Curti, Arthur http://d-nb.info/gnd/1089578180

Title:: Der Handelskrieg von England, Frankreich und Italien gegen Deutschland und Österreich-Ungarn

Place of publication:: Berlin

Publisher:: Carl Heymanns Verlag

Year of publication:: 1917

Scope:: XII, 146 Seiten

Digitisation:: 2019

Collection:: Economics Books

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

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Document type:: Monograph

Structure type:: Chapter

Title:: II. Teil. Frankreich

Collection:: Economics Books

THE UNDERLYING PRINCIPLES 353 of imports. Under paper, we must expect the same money in- comes, the same domestic prices, lower prices of imports. Again the mechanism is different under paper, the effects on material prosperity the same. Observe further (still having regard to the ultimate outcome) that the goods exported from the United States to Great Britain, tho dearer in Great Britain, are unchanged in price in the United States. Similarly the goods exported from Great Britain, tho cheaper in the United States, are the same in price in Great Britain. The altered prices — American imports dearer in Great Britain, British imports cheaper in the United States — are altered solely because of the new rates of foreign exchange. Pounds sell for a lower rate as compared with dollars. The price of dollar exchange has risen in London; the price of sterling exchange has fallen in New York. Tho the American prices of American exported goods are unchanged, yet these, when translated into British prices on the basis of the new quotation of exchange, mean higher British prices for the goods. And the other way as regards British exports : tho their prices are unchanged in Great Britain in British money, yet when sold in the United States on the basis of the new quota- tion of exchange, they are put on the American market at lower prices. It is the rate of foreign exchange which has altered, and has definitively altered. That alteration takes place regardless of the fact that monetary conditions in the two countries are constant. It has no connection with any purchasing parity. The rate of foreign exchange shifts to a new figure, not because of price changes, but because of changed conditions of international trade; the new figure persists; and it is itself the continuing and permanent cause of the changes that ensue in the prices of goods. A word more concerning one corollary from the reasoning which has already been mentioned but deserves further attention. The general range of all prices — the change in the price level measured by an index number which is based on all commodities, imported as well as domestic — would show in each country a change, and a definitive change. And this change would be the opposite of that to be expected under specie conditions. The index number

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