There are two excellent justifications for including a brief examination of nineteenth-century British balance of payments (see Table B-19) with a more extensive investigation of domestic long swings and their effects upon the American balance of payments. Since there is preliminary evidence of a long swing in many British domestic series after 1870, especially in home investment,1 it seems fruitful to study British experience in order to throw further light upon the question of Kuznets cycles in internal development and their effect upon the international flow of goods, capital, and specie.
Realistically, we should anticipate different secular movements in the balance of payments of an important capital exporter from____________________
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Publication information: Book title: American Growth and the Balance of Payments, 1820-1913:A Study of the Long Swing. Contributors: Jeffrey G. Williamson - Author. Publisher: University of North Carolina Press. Place of publication: Chapel Hill. Publication year: 1964. Page number: 189.
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