International Trade

International Trade

International Trade

International Trade

Excerpt

This volume is divided into three parts. Part I takes up the theory of international trade. It restates views commonly held, with some amplifications and corrections. Part II is directed to ascertaining how far the actual commerce between nations proceeds in accord with that theory -- how far the abstract conclusions are verified in the observed phenomena. Part III examines the characteristics of international trade between countries not having the same monetary standard; the previous Parts having been concerned with trade between countries having the same (gold) standard.

Part I follows in the main the lines of analysis and exposition which Ricardo initiated. The theorems are presented in a numerical form similar to that which he was the first to use. And not merely is Ricardo's method of exposition followed; the deduced conclusions are of the same kind as his. No part of that remarkable man's work was more original than his brief but pregnant analysis of international trade, and none has dominated the course of subsequent discussion so largely. His loyal disciple, the younger Mill, began the task of supplementing and enlarging the Ricardian theory; subsequent writers have elaborated and refined still further; yet always -- so far as they have done anything constructive, -- on the same fundamental lines. I cannot pretend to have made any contribution of large significance in this part of the field; tho I hope that something in the way of enrichment may be found. The task of preparing a systematic statement has led not merely to the repetition and elaboration of propositions well understood, but also to some conclusions which previous writers seem to have ignored.

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