The United States in the World Economy: The International Transactions of the United States During the Interwar Period

U.S.GovernmentPrint.Office, 1943 - 216 páginas
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Página 12 - To that end they shall include provision for agreed action by the United States of America and the United Kingdom open to participation by all other countries of like mind, directed to the expansion by appropriate international and domestic measures of production, employment, and the exchange and consumption of goods which are the material foundations of the liberty and welfare of all peoples; to the elimination of all forms of discriminatory treatment in international commerce, and to the reduction...
Página 12 - ... to further the enjoyment by all States, great or small, victor or vanquished, of access, on equal terms, to the trade and to the raw materials of the world which are needed for their economic prosperity.
Página 116 - During the last year or more, however, the functioning of the Federal reserve system has encountered interference by reason of the excessive amount of the country's credit absorbed in speculative security loans. The credit situation since the opening of the new year indicates that some of the factors which occasioned untoward developments during the year 1928 are still at work. The volume of speculative credit is still growing.
Página 13 - And unless dollars are made available with greater regularity than in the past it would be both unjust and unwise to demand the removal of restraints and controls largely designed to protect the internal economies of other countries against external shock and pressure.
Página 139 - Government with the inflation attendant thereon, but also a continuance by the borrowing Government of control over private activities which only postpones sound solutions of the problems.
Página v - It would be tragic indeed if the United States, after a period of renewed full participation in the world economy, were to permit another abrupt fall in the supply of dollars to disturb the recreated international commercial and financial mechanism, whether through increased trade restrictions, through the misbehaviour of foreign investment, or through the improper functioning of the domestic economy.
Página 22 - If the record of the past proves anything, it is that other countries have consistently tended to purchase American goods and services in larger and more regular volume than the United States has bought of foreign goods and services and that the major handicap to exports has not been trade restrictions abroad so much as the underlying shortage of dollars.
Página 96 - Enticed by the prospect of commissions much higher than those available on domestic issues, and faced with the necessity for a continuous flow of new securities to keep large staffs of bond salesmen employed, American investment bankers had their agents "sitting on the doorsteps" of prospective borrowers, as one observer put it, offering them money, and many times persuading them to borrow more than they actually needed. The bonds were widely distributed, in turn, to the American investing public,...
Página v - The conclusion that emerges most emphatically from the survey is the fundamental importance of maintaining conditions conducive to a more stable and ample flow of dollars in our transactions with othsr countries. The most essential of these conditions lies not in the field of foreign economic policy as such but in the attainment of a more fully and more smoothly operating domestic economy — the major determinant of the volume and course of our purchases of foreign goods and services.
Página 11 - ... absorb shocks from the outside without transmitting undue pressure to their internal economic structures. Such measures were most effective in countries like Germany that had most completely insulated themselves and were less effective in many primary producing areas that remained perforce heavily dependent on the United States market.

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