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The Tendency towards Regionalization in International Trade 1928-1956 (Paperback, Softcover reprint of the original 1st ed. 1959)
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The Tendency towards Regionalization in International Trade 1928-1956 (Paperback, Softcover reprint of the original 1st ed. 1959)
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Professor Erik Thorbecke's study, here published, continues the
empirical work undertaken by Folke Hilgerdt for the League of
Nations. It is a study of actual trade and payments derived
laboriously from the voluminous statistical data published by
national governments and international institutions. The col
lection, analysis and interpretation of this mass of data involved
much patient industry, but in the process of brooding over the
detail a truer understanding of the complex structure of world
trade was gained than could be achieved in any other way. Trade of
course is nearly always bilateral. When goods are re-exported they
are, for the most part, refashioned and changed into essentially
new utilities. What is multilateral or bilateral or regional in a
system of international trade is the method of payment. The
justification for multilateralism is the opportunity it affords for
countries to specialize, so that one country may use the foreign
exchange earned by its exports to buy imports from a third country.
Indeed this statement in terms of countries obscures the ultimate
realities. In a free multilateral system it is individuals who
import and export. When they can freely buy and sell the foreign
exchange acquired or required for their transactions, payments are
multilateral and the network of trade extends widely across
political boundaries. What Mr. Thorbecke shows is that political
controls of pay ments have confined more trade within restricted
channels.
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