International Trade: An Application of Economic TheoryMethuen, 1904 - 202 páginas |
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advantage aggregate agricultural artificial scarcity barter better miller boots Britain British British industry capital and labour carpenter cheap classes coats commodities competing competition considerable consumer consumption cost of production demand division of labour dumping economic economic rents effect employment equal exchange according expenses of production export trade external fact factor factors of production fall of prices final cost former free exchange gain Germany home market import and export import duty increase industrial energy industrial prosperity international exchange international trade land larger less limit manufactured marginal cost marginal utility ment mobility of capital monopoly or scarcity nations natural non-competing groups ordinary output political processes profit proportion protectionist protective countries quantity raising prices rate of exchange raw materials real income reduced regarded rents restricted rise of price scarcity rent secure sell shoes sumer surplus tailor theory tion villages wealth wheat
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Página 58 - The value, then, in any country, of a foreign commodity, depends on the quantity of home produce which must be given to the foreign country in exchange for it. In other words, the values of foreign commodities depend on the terms of international exchange. What, then, do these depend upon? What is it which, in the case supposed, causes a pipe of wine from Spain to be exchanged with England for exactly that quantity of cloth? We have seen that it is not their cost of production.
Página 58 - But the value of a commodity brought from a distant place, especially from a foreign country, does not depend on its cost of production in the place from whence it comes. On what, then, does it depend ? The value of a thing in any place, depends on the cost of its acquisition in that place ; which, in the case of an imported article, means the cost of production of the thing which is exported to pay for it.
Página 59 - ... to pay for one another. As the inclinations and circumstances of consumers cannot be reduced to any rule, so neither can the proportions in which the two commodities will be interchanged. We know that the limits within which the variation is confined, are the ratio between their costs of production in the one country, and the ratio between their costs of production in the other.
Página 172 - ... between imperialist force and protectionist finance: imperialism extended markets abroad, protection consolidated them and kept them free of competition. Imperialism represents a more or less conscious and organized effort of a nation to expand its old political boundaries and to take in by annexations other outside countries where its citizens have acquired strong industrial interests. Protection represents the converse tendency, an effort to prevent industrial interests from wandering outside...
Página 162 - ... wire-rods used for making wire, and favoured a reduction ; the manufacturers of rods in this country were desirous of getting an increase ; the manufacturers of floor oilcloths desired a reduction or abolition of the duty on the articles used by them ; the soap manufacturers desired the putting of caustic soda on the free list, which the American manufacturers of it opposed ; some of the woollen manufacturers were desirous that protection should be granted to the manufacturers of dyestuffs, and...
Página 59 - It may be considered, therefore, as established, that when two countries trade together in two commodities, the exchange value of these commodities relatively to each other will adjust itself to the inclinations and circumstances of the consumers on both sides...
Página 59 - ... compatible with the equation of international demand. That this, however, does not furnish the complete law of the phenomenon, appears from the following consideration : that several different rates of international value may all equally fulfil the conditions of this law.
Página 165 - ... introducing artificial barriers to trade and investment. Besides this point, however, the main force of Hobson's argument was that the protecting nation (that is, for Hobson, Britain) could not benefit by protection. He argued, for instance, that capital would flow out of the protected area, because...
Página vi - The book contains no new theory, but it departs in one important particular from the treatment of international trade adopted in Great Britain by most economic writers since Ricardo and JS Mill. This departure consists in a simplification of the theory of foreign trade by the extension to it of the same laws as govern the rates of exchange between commodities within a single nation.
Página 193 - ... nation by securing them against an injurious competition of foreigners is perceived to be fallacious. It can only set up privileged classes of producers at the expense of the other producers of the nation. This fundamental truth is sometimes obscured by a false antithesis between producer and consumer. Free imports are represented as a consumer's policy ; Protection as a producer's policy. Although this fallacy has already been unmasked by our proof that Protection cannot increase the volume...