Balance of Payments and Economic Growth

Balance of Payments and Economic Growth

Balance of Payments and Economic Growth

Balance of Payments and Economic Growth

Excerpt

In this book I have endeavored to present a series of critical studies on the theory of the balancing of international payments. It is in two parts. The first deals briefly with the historical origins of modern doctrine and gives, in Chapters 3-6, an analytical account of classical and modern theories. It is shown that a generalization of classical theory can provide a more adequate explanation of the balancing process than has been given by some of the more recent and more complicated analytical devices. The second part consists of case studies applying this more generalized theory and analyzing relationships between economic growth and international equilibrium, as well as disequilibrium. The central theme of the book is that the international mechanism of adjustment comprises the entire process of domestic and external forces which affect the balance of payments: how and why internal and external forces are, or are not, harmonized. It is shown that the classical and more modern theories have been too narrowly conceived. An attempt is made to expand the analysis of the interrelationships between internal and external balance and imbalance.

My main objective in writing this book is that it serve as a useful supplement to the textbooks on international economics. I hope that . . .

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