Political economy

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Monograph

Identifikator:: 867647221

URN:: urn:nbn:de:zbw-retromon-93157

Document type:: Monograph

Author:: Chapman, Sydney John http://d-nb.info/gnd/123743141

Title:: Political economy

Place of publication:: London [u.a.]

Publisher:: Williams & Norgate [u.a.]

Year of publication:: 1912

Scope:: 1 Online-Ressource (255 Seiten)

Collection:: Economics Books

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INTERNATIONAL TRADE 155 that the marginal cost of wheat may drop to 20s. In France, at the same time, reciprocal effects will have _ been wrought on cotton producing and wheat producing, so that costs there may have become respectively 40s. and 18s. Further trade will bring about further alteration in relative costs of produc tion in both of the countries, and finally a position may be reached in which the com parative costs are 38s. Cd. and 19s. in both countries when England is exporting 76,000 pieces of cotton goods annually and receiving from France 154,000 bushels of wheat. This would be the position of equilibrium, for comparative costs would be identical in the two countries, and England would be sending goods to France of the annual value of £146,300 (38s. 6d. X 76,000), and receiving from France goods of the same annual value (19s. x 154,000). Were trade to expand still further, France receiving more than 76,000 pieces of cotton goods and exporting to England more than 154,000 bushels of wheat, over the last step in trade loss would be incurred. This step would therefore be retraced, under the influence of the new difference between com parative values which it created. The objection may be raised that though the state of affairs depicted above is possible,

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