TRADE BETWEEN 1914 AND 1928 187
greater than formerly, a development that was quite inevitable
and quite independent of any comparative advantage in trade
acquired during these years by the United States.
£m
Per
Cent
60
prL
PAPORTE"
1A
oc
"APORTS AS
PERCENTAGE
OF EXPORTS
*n
J GOLD
FLOW
n
A
1
Yer Loss
£8
Mo 1918
or
2 N
vba
2328
Fre. XVII. TOTAL OF CAPITAL IMPORTED, IMPORTS AS PERCENTAGE
OF EXPORTS, AND GOLD MOVEMENTS
Vertical interval of £20 millions. Smoothed 5.year moving-average curves shown heavy.
But the circumstances which lend the period the greatest
interest for the investigator were ‘the continued upward move-
ment of prices, the continued war-boom, and the specious
appearance of wonderful prosperity’. The movement of prices
i