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- W2001154610 abstract "A PREVIOUS article in this Review2 considered analyses of the terms of trade with special reference to their use of short-period and longperiod concepts. It was suggested that the historian's problem in respect of the terms of trade-the problem of accounting for actual movements in the terms of trade for a particular country over particular periods of time-required for its satisfactory solution a combining of various theoretical approaches. Further, it was judged likely, in the nature of the shortand long-period factors relevant to movements of the terms of trade, that a satisfactory analysis could proceed, essentially as a by-product, only from an investigation of a wide range of forces determining the growth and fluctuation of a national or regional economy in the context of the worldtrading area. The purpose of the present article is to outline and to illustrate one such eclectic approach to the historical analysis of the terms of trade. Illustrations will be drawn mainly from British economic history since I 790. In no sense, however, does this article constitute a systematic treatment of the British terms of trade. Throughout this article the terms of trade will be considered under its most common definition; namely, as the relation between export and import prices for a given country. Thus, an improvement or deterioration in the terms of trade will not carry with it any automatic connotation of gain or loss. The measurement of gain and loss through changes in the terms of trade, can, of course, only be conducted in real terms. This article does not consider, for example, the problems of formally measuring, in Viner's vocabulary, the single factoral or double factoral terms of trade.3 The sort of historical analysis outlined for relative price movements would, however, constitute also a useful foundation for interpreting measurements of such real relationships; for, in order to judge the significance of price changes, movements in productivity must be established." @default.
- W2001154610 created "2016-06-24" @default.
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- W2001154610 date "1951-08-01" @default.
- W2001154610 modified "2023-09-25" @default.
- W2001154610 title "THE HISTORICAL ANALYSIS OF THE TERMS OF TRADE" @default.
- W2001154610 doi "https://doi.org/10.1111/j.1468-0289.1951.tb00598.x" @default.
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