International Trade; A Study of the Economic Adventages of Commerce

International Trade; A Study of the Economic Adventages of Commerce

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1917 edition. Excerpt: ...raise the prices of protected goods by not more than the amount of the tariff, without affecting money wages. The secondary effect of protection, resulting from the inflow of money (so far as protection occasions such an inflow), is to raise prices of unprotected goods and money wages, and to further raise the prices of protected goods. Canada's protective tariff on linen has, as its first effect, a 43 cents or a 43 per cent rise in price per yard, wages remaining the same, viz. about $20 a week (a week's labor producing 20 bushels of wheat worth $1 a bushel). The second effect may be to raise everything 10 per cent. If, under conditions of constant cost in all lines, there is such a general rise of prices due to money inflow, we must suppose that, until this rise reaches 10 per cent, there will be some Canadian goods still sufficiently in demand elsewhere to maintain the inflow of gold, though wheat, because of competition from other sources, may not be such a good. Assuming such an average secondary rise of 10 per cent, and that all goods are produced under conditions of constant cost, this rise must affect any one kind of goods, e.g. wheat. Otherwise, those producing 1 See Ch. IV (of Part II), 1 and 2. that kind of goods will turn to some other line. If wheat cannot be exported at the higher price, only enough will be produced for home consumption, and the other wheat producers will become linen producers, etc. Then the total increase of wheat in price is 10 per cent, and of, money wages 10 per cent, but of linen 57 per cent (43 per cent and 10 per cent more added to the new price of $1.43 makes $1.57). Obviously, the average wage earner's condition is worse because of the tariff, even though his money wages are somewhat higher...show more

Product details

  • Paperback | 58 pages
  • 189 x 246 x 3mm | 122g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236609190
  • 9781236609199