Vi
CONTENTS
CHAPTER 15
DirrerReENCES IN LABOR Costs
Labor cost and cost as understood by accountants, 161. Some
international comparisons of the effectiveness of labor in coal
mining; in brick making, 162. Comparison of beer production
in the United States and Germany, 166. Iron production per
worker in the United States and in Great Britain, 167; superior-
ity of American production, and reasons for it, 168. British
and American 1 tin plate production ; sugar refining, 170; butter;
ice, 171. Effectiveness of hand and machine production of glass
in Belgium, Sweden, and the United States, 171. American and
Japanese cotton spinning and weaving, 174.
CHAPTER 16
COMPARATIVE ADVANTAGES AND PROTECTIVE TARIFFS IN THE
UNITED STATES . :
Effects of protective legislation in the United States can be
understood only on the basis of the principle of comparative ad-
vantage, 178. Factors which secure for the United States such
an advantage in agricultural commodities, 179. How the inter-
play of physical and human factors combines to bring about or
to take away a comparative advantage in the beet sugar industry,
183; in flax and flax seed cultivation, 186; in the iron and steel
industry, 188. The United States has a comparative advantage
in those industries in which the processes of manufacture can
be standardized, 189. The textile industries, 192. The Ameri-
can aptitude in the use of machinery, 193.
PAGES
161-177
178-196
CHAPTER 17
INTERNATIONAL PAYMENTS IN RELATION TO MONETARY SYSTEMS
Acceptance of some form of the quantity theory of money
essential to the theory of international trade, 197. The influence
of specie movements on the range of prices of paramount signifi-
cance, 198. Is the total of the medium of exchange sensitive to
gold movements? 199. Discount policy of banks primarily
affected by flow of specie. The volume of deposits in relation
to specie reserves, 201. Sensitiveness of monetary system to
specie movement in Great Britain, 203; in Canada, 205; in the
United States from 1879 to 1914, 206. An inflow of specie may
follow, not precede, a rise in prices, 207. Degrees of sensitiveness
in Continental monetary systems, 210. United States post-war
monetary conditions under the Federal Reserve System, 213.
197-214
