The Economic Consequences of the Bank War An Analysis of the Inflation of the 1
The Economic Consequences of the Bank War An Analysis of the Inflation of the 1
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-^-^ In the l820's the outflow of silver to Asia balanced the inflow of silver from Mexico, nullifying any inflationary effects of the imports. This balance was destroyed in the l830's by a small rise in imports from Mexico and a larger fall in the exports to China.
-28- Silver was a commodity export for Mexico, and the Increase in its quantity during the mid-l830's was probably due to an increase in supply. The price of silver was fixed in terms of American currency, and the inflation reduced ...the quantity of goods bought by a unit of silver. Consequently, the added imports from r4exico were not produced by offers of higher prices for them.
The decline in exports of silver to China and Asia was large enough to make the annual amount of silver retained from the Mexican imports rise from zero in the late 1820 's to about $4 million to the l830's, contributing about $20 million of silver to the American stock of specie between 1831 and 1836. The Chinese were increasing their consumption of opium in the l830's, and they abandoned their traditional desire for silver in favor of a demand for bills on London to buy opium from British India.
What to read after The Economic Consequences of the Bank War An Analysis of the Inflation of the 1?
You can find similar books in the "Read Also" column, or choose other free books by Peter Temin to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
-^-^ In the l820's the outflow of silver to Asia balanced the inflow of silver from Mexico, nullifying any inflationary effects of the imports. This balance was destroyed in the l830's by a small rise in imports from Mexico and a larger fall in the exports to China.
-28- Silver was a commodity export for Mexico, and the Increase in its quantity during the mid-l830's was probably due to an increase in supply. The price of silver was fixed in terms of American currency, and the inflation reduced ...the quantity of goods bought by a unit of silver. Consequently, the added imports from r4exico were not produced by offers of higher prices for them.
The decline in exports of silver to China and Asia was large enough to make the annual amount of silver retained from the Mexican imports rise from zero in the late 1820 's to about $4 million to the l830's, contributing about $20 million of silver to the American stock of specie between 1831 and 1836. The Chinese were increasing their consumption of opium in the l830's, and they abandoned their traditional desire for silver in favor of a demand for bills on London to buy opium from British India.
What to read after The Economic Consequences of the Bank War An Analysis of the Inflation of the 1?
You can find similar books in the "Read Also" column, or choose other free books by Peter Temin to read onlineMoreLess
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