Excerpt from International Trade and Exchange: A Study of the Mechanism and Advantages of Commerce
In this book I have aimed to cover the theory of international and intranational trade, with due consideration of the exchange mechanism of such trade, and with some reference to the effects of government interferences with trade. The larger emphasis, as the title of the book suggests, is on international trade; but the similarity of principle in intranational trade is not overlooked.
I originally planned a somewhat longer work, on the Principles of Commerce, to include also, as Part III, The Transportation Expenses of Commerce. The carrying out of this plan has not been given up; but it has seemed advisable not to delay the publication of Parts I and II, which together make a unified whole, until Part III is likewise ready for printing. My hope is that the larger book may be completed and published in the not distant future. In the meanwhile, the present book, containing, perhaps, a more conventional combination of topics, may possibly fill a place which the more extended work could not fill.
Part I deals chiefly with the subject of Foreign Exchange, though it also contains two introductory chapters on Laws of Money and The Nature of Banking, which, in my judgment, make possible a clearer understanding of the economic theory of foreign exchange operations.
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