The Theory of International Trade under Silver Exchange

Abstract

Introduction: the problem, 491; the question of “depreciation,” 493; comparison with inconvertible paper, 494. — The theory of silver exchange, 495. — Theories of silver flow: the problem, 498; the “need for silver” analysis, 500; the balance of payments analysis, 501; the “silver a commodity” analysis, 502; Marshall's analysis, 503. — The “purchasing-power-parity” theory of silver flow, 506. — The mechanism of adjusting international balances under silver exchange, 510. — The theory of gold flow, 514. — Sectional price movements under silver exchange, 516. — Conclusion, 519.