International Trade |
Other editions - View all
Common terms and phrases
15 linen 20 linen 20 wheat agricultural American amount analysis Argentine balance of payments balance of trade banks Britain British Canada capital cause changes chapter circulating medium cloth commodities comparative advantage copper cotton course currency demand dislocated exchanges domestic prices DOMESTIC SUPPLY PRICE economic effectiveness of labor England excess of imports excess of merchandise factor figures flow of specie foreign exchange foreign exchange market gain Germany gold gold countries gold standard greater gross barter terms higher imports and exports increase indemnity industry inflow international trade lending country loans lower ment merchandise exports millions monetary money incomes money value money wages move operations output paper money period phenomena physical quantity prices and money produced purchases quantity rate of exchange regards relation remain remittances rise Russia securities silver situation sort stage Suppose terms of trade thru thruout tion transactions United verification volume WAGES PER DAY
Popular passages
Page 196 - Whether the advantages which one country has over another be natural or acquired, is in this respect of no consequence. As long as the one country has those advantages, and the other wants them, it will always be more advantageous for the latter rather to buy of the former than to make. It is an acquired advantage only, which one artificer has over his neighbour, who exercises another trade ; and yet they both find it more advantageous to buy of one another, than to make what does not belong to their...
Page 239 - It must be confessed that here we have phenomena not fully understood. In part our information is insufficient ; in part our understanding of other connected topics is inadequate.
Page 184 - ... circulars issued by the Department of Agriculture and by the state boards and bureaus repeatedly call the attention of the beet farmers to the possibility of employing cheap immigrants. The troublesome labor problems, it is said, need not cause worry: here is a large supply of just the persons wanted. " Living in cities there is a class of foreigners, — Germans, French, Russians, Hollanders, Austrians, Bohemians, — who have had more or less experience in beet growing in their native countries....
Page 344 - ... rate of exchange under such a case. He found that : — In the absence of a common monetary standard, the rate of foreign exchange depends on the mere impact of the two quantities on hand at the moment [ie the impact of the monetary supply on the monetary demand]. The price of foreign exchange . . . depends at any given time on the respective volumes of remittances. It results from the impact of two forces that meet. The outcome is simply such as to equalize the remittances ; such that the money...
Page 185 - It also lends itself readily to the use of machinery; corn can be " cultivated " between the rows by horse power. It is a substitute for root crops, and can be rotated steadily with small-grain crops.1 It is a direct competitor with the sugar beet for cattle fattening. The advocates of beet raising always lay stress on the value of the beet pulp, the residue at the factory after the juice has been extracted, for cattle feeding. But corn is at least equally valuable for the purpose, and the typical...
Page 184 - Throughout the corn belt, more particularly, there is no sugarbeet industry of any moment. It pays better to raise corn; there is a clear comparative advantage in corn growing. This grain is peculiarly adapted to extensive agriculture. It also lends itself readily to the use of machinery; corn can be " cultivated " between the rows by horse power. It is a substitute for root crops, and can be rotated steadily with small-grain crops.1 It is a direct competitor with the sugar beet for cattle fattening....
Page 182 - ... to constitute an agricultural proletariat. It is true, further, that the stage of pioneer farming has been passed or is rapidly being passed, that rotation is becoming more systematic and skilful, the land more valuable, cultivation more intensive. Nevertheless this remains the region of the onefamily farm. The farmers " ride on their stirring plows and cultivators " and in this way are able to do most of the work on their lands for themselves.
Page 239 - The actual merchandise movements seem to have been adjusted to the shifting balance of payments with surprising exactness and speed. The process which our theory contemplates — the initial flow of specie when there is a burst of loans ; the fall of prices in the lending country, rise in the borrowing country; the eventual increased movement of merchandise out of the one and into the other — all this can hardly be expected to take place smoothly and quickly.
Page 67 - The quantitative importance of the capital charge factor in international trade is probably not great. As the whole tenor of the preceding exposition indicates, the range of its influence is restricted to a special set of circumstances. Within that range, its influence is further limited by the absence of wide inequalities in the rate of return on capital. Interest, while it does vary somewhat from country to country, does not vary widely between the leading countries of western civilization...
Page 239 - ... one and into the other — all this can hardly be expected to take place smoothly and quickly. Yet no signs of disturbance are to be observed such as the theoretic analysis previses ; and some recurring phenomena are of the kind not contemplated by theory at all.