Covering the period 1550-1939, this book examines the history and development of theories of international pricing and trade. The work of the following economists is covered: Locke; Barbon; Vaderlint; Harris; Hume; Smith; Ricardo; Malthus; Bosanquet; Mill; Torrens; Marshall; Haberler; Austin; Stirling; Chevalier; Carines; Jevons; Leslie; Goschen; Bagehot; Wicksell; Sidgwick; Pigou; Viner; Heckscher; Ohlin; Keynes; Taussig; and Pareto.

Covering the period 1550 - 1939, this book examines the history and development of theories of international pricing and trade. The work of the following economists is covered: Locke, Barbon, Vaderlint, Harris, Hume, Smith, Ricardo, Malthus, Bosanquet, Mill, Torrens, Marshall, Haberler, Austin, Stirling, Chevalier, Carines, Jevons, Leslie, Goschen, Bagehot, Wicksell, Sidgwick, Pigou, Viner, Heckscher, Ohlin, Keynes, Taussig, and Pareto. The volume includes an extensive Bibliography of each period discussed as well as comprehensive indices of subjects and names.

AN OUTLINE OF INTERNATIONAL PRICE THEORIES STUDIES IN ECONOMICS AND COMMERCE Edited by Professor J. B. Condliffe, Professor A. Plant, and Professor L. Robbins. No. 7 in the series of monographs by writers connected with the London School of Economics and Political Science AN OUTLINE OF INTERNATIONAL PRICE THEORIES AN OUTLINE OF INTERNATIONAL PRICE THEORIES By CHI-YUEN WU fti. U. Econ. With an Introduction by PROFESSOR LIONEL ROBBINS LONDON GEORGE ROUTLEDGE SONS, LTD. BROADWAY HOUSE 68-74 CARTER LANE. E. G. First punished 1939 PRINTED IN GREAT BRITAIN BY STEPHEN AUSTIN AND SONS, LTD., HERTFORD CONTENTS PAGE ACKNOWLEDGE ENT. ix INTRODUCTION BY PROFESSOR LIONEL ROBBINS. xi CHAPTER I INTRODUCTION. 1. Introductory remarks. i 2. The four major problems in the theory of inter national price relationships the Problems. i 3. A birds-eye view of the historical development of the theory. 5 4. The plan of the following chapters. 10 CHAPTER II THE MERCANTILISTS THEORIES. 1. Mercantilism four stages of its development. The first period before 1550. 13 2. The second period 1550 to 1620. The contro versy concerning the price revolution Hales, Malestroit, Bodin. 15 3. The foreign exchange controversy. 22 4. Gerrald de Malynes. 25 5. The third period 1620 to 1680. The balance of trade controversy Mun and others. 29 6. Vaughan, Petty and Potter. 35 7. The fourth period 1680 to about 1750. The first protectionist controversy Gary, Pollexfen, Child, Davenant. North, a free trader. 39 8. John Locke and N. Barbon. 46 9. The doctrine that money stimulates trade and production Law, Melon and Forbonnais. 54 10. The semi-equilibrium doctrine Vanderlint, Cantillon and Harris. 62 11. Summary. 71 Vi CONTENTS CHAPTERIII FROM DAVID HUME TO JOHN STUART MILL THE DEVELOPMENT OF THE CLASSICAL THEORIES. 1. David Hume. 75 2. The Physiocrats and Adam Smith. 79 3. The Bank Restriction Controversy 1797 to 1803 Boyd, Thornton and others. 84 4. 1803 to 1808 Foster and the Report of the Committee on Irish Currency and Exchanges. 102 5. Wheatley and Blake., 106 6. The report of the Bullion Committee. Ricardcj, Malthus and Bosanquet. Contributions of the participants in the Bank Restriction Controversy. in 7. Nassau Senior. 123 8. The Bank Charter Act Controversy the currency school Norman, Loyd and Torrens the banking school Tooke and Fullarton. 129 9. The restatement by J. S. Mill. 141 10. Summary. 149 CHAPTER IV THE CLASSICAL THEORY OF INTERNATIONAL TRADE. 1. The argument for a separate theory for inter national trade. 153 2. The doctrine of comparative costs Torrens and Ricardo. 155 3. The same subject continued Marshall and Haberler. 160 4. The doctrine of reciprocal demands Longfield, Torrens, Pennington and J. S. Mill. 163 5. Marshalls restatement of the theory of inter national value as an improvement upon the classical theory of international value. 170 6. Cost of transport as a factor in international trade. 175 7. The classical theory of international trade as the foundation of the classical theory of inter-National price relationships. 178 CONTENTS Vll CHAPTER V POST-CLASSICAL DEVELOPMENT OF THE MONETARY ASPECTS OF THE THEORY OF INTERNATIONAL PRICE RELATIONSHIPS 1848-1918. T The controversy concerning the gold discoveries of 1848-1851 Austin, Stirling, Chevalier and Newmarch. 185 2. The same subject continued Levasseur, Cairnes, Jevons and Leslie. 191 3. The rate of interest as a regulator of theinter national movement of specie i. e. by in fluencing the rate of foreign lending Goschen, Bagehot and Laughlin. 203 4. The rate of interest both as a regulator of the international movement of specie and as a regulator of price movements De Laveleye and Juglar. 209 5. The indirect chain of effects that connect money and prices Sidgwick, Giffen and Marshall. Other contributions of Marshall. 212 f. Knut Wicksell. 221 7. Later restatements of the classical doctrine Mises and Taussig. 232 8. The theory of R. G. Hawtrey. 239 9. Summary...