Grundzüge der Sozialpolitik

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Monograph

Identifikator:: 876559135

URN:: urn:nbn:de:zbw-retromon-1676

Document type:: Monograph

Author:: Borght, Richard van der http://d-nb.info/gnd/11625274X

Title:: Grundzüge der Sozialpolitik

Place of publication:: Leipzig

Publisher:: Verlag von C. L. Hirschfeld

Year of publication:: 1904

Scope:: 1 Online-Ressource (XII, 566 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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

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Document type:: Monograph

Structure type:: Chapter

Title:: I.Teil. Allegeines

Collection:: Economics Books

232 Wa INTERNATIONAL TRADE ps once. But the excess of imports from the United States was much greater than the borrowings there. A round billion of dol- lars remains to be accounted for, not borrowed in the United States, yet leading to imports from the United States. Not only did Canada get from the United States the goods which the loans put in her hands; she got them mainly thru a process different from that of utilizing American loans directly for purchases in the United States. The goods which Canada thus procured from the United States were of the most varied character. Some were capital goods, such as machinery, electric apparatus, railway equipment, coal, brick, cement, minerals. Some were consumers’ goods, such as food and clothing. What was true in this regard of the United States was also true of the other countries from which came a substantial tho smaller flow of imports; with the minor difference that from these others the proportion of consumers’ goods (such as sugar, tea, coffee) was larger. Whether the articles that flowed into Canada were of the one class or the other — for producers’ use or for consumers’ — the chain of causation which brought them in was evidently an indirect one, not direct. And this is of no small importance for our prob- lem of verification. In discussions of capital exports, it is often assumed that the adjustment of merchandise balances in such manner as to equalize the international payments is a simple matter. There is supposed to be really nothing here that calls for explanation; it is the most natural thing in the world that a country which lends capital should carry the transaction to its final stage by exporting merchandise in corresponding amounts. The same view is often held, perhaps by implication rather than explicitly, about the entire balance of international payments. The various items — import or export of capital, interest pay- ments, freight charges — result in a balance of payments in favor of a country or against it; an excess of merchandise imports or ex- ports then ensues by a quasi-automatic process, which calls for no special consideration. This simplification of the problem seems to me quite unwarranted. The experience of Canada shows how com-

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