Principles of Political Economy, With Some of Their Applications to Social Philosophy
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§8.
(1,440,000), and Germany only nine hundred thousand of cloth, the interchange will continue to take place at the same rate. And so if England wants a tenth more than 1,600,- 000, and Germany a tenth more than a million. This coincidence (which it is to be observed, supposes demand to extend cheapness in a corresponding, but not in an equal degree*) evidently could not exist unless by mere accident : and in any other case, the equation of international demand would require a different adjust...ment of international values.
The only general law, then, which can be laid down, is this. The values at which a country exchanges its produce with foreign countries depend on two things : first, on the amount and extensibility of their demand for its commodi- ties, compared with its demand for theirs ; and secondly, on the capital which it has to spare, from the production of domestic commodities for its own consumption. The more the foreign demand for its commodities exceeds its demand for foreign commodities, and the less capital it can spare to produce for foreign markets, compared with what foreigners spare to produce for its markets, the more favour- able to it will be the terms of interchange : that is, the more it will obtain of foreign commodities in return for a given quantity of its own.
What to read after Principles of Political Economy, With Some of Their Applications to Social Philosophy?
You can find similar books in the "Read Also" column, or choose other free books by Mill, John Stuart, 1806-1873 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
§8.
(1,440,000), and Germany only nine hundred thousand of cloth, the interchange will continue to take place at the same rate. And so if England wants a tenth more than 1,600,- 000, and Germany a tenth more than a million. This coincidence (which it is to be observed, supposes demand to extend cheapness in a corresponding, but not in an equal degree*) evidently could not exist unless by mere accident : and in any other case, the equation of international demand would require a different adjust...ment of international values.
The only general law, then, which can be laid down, is this. The values at which a country exchanges its produce with foreign countries depend on two things : first, on the amount and extensibility of their demand for its commodi- ties, compared with its demand for theirs ; and secondly, on the capital which it has to spare, from the production of domestic commodities for its own consumption. The more the foreign demand for its commodities exceeds its demand for foreign commodities, and the less capital it can spare to produce for foreign markets, compared with what foreigners spare to produce for its markets, the more favour- able to it will be the terms of interchange : that is, the more it will obtain of foreign commodities in return for a given quantity of its own.
What to read after Principles of Political Economy, With Some of Their Applications to Social Philosophy?
You can find similar books in the "Read Also" column, or choose other free books by Mill, John Stuart, 1806-1873 to read onlineMoreLess
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