INTERNATIONAL TRADE. By F. W. Taussig. (Mac- millan. 15s.)—Among American
economists Professor Taussig, of Harvard, is distinguished for his breadth of view and his power of lucid exposition. His Principles have long been a standard work which every wise student of economics takes care to read. His new volume on international trade is an important book. He restates the Ricardian theory very simply and clearly, and then proceeds to discuss various episodes in and aspects of economic history, so as to show that the theory, in the main, corresponds to the facts. His ex- amination of the effects of a tribute—assumed to be paid by America to Germany—is of special interest to English readers, who know of a tribute going in the other direction. The facts that he has collected about varying labour costs in America and Europe are remarkable ; the effectiveness of labour in the United States is greater than in any other country "—in coal mining and other industries. His compact study of the development of Canada up to the War, largely through British loans which were mostly spent in the United States, is highly instructive. He devotes special attention also to Great Britain and to his own country. In the final section he considers trade' with countries having depreciated currencies —a difficult subject which he contrives as usual to make tolerably plain. The book deserves careful reading ; it has a bearing on many current problems.
Previous page
