International Trade Financial Educational Documentary

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Douglas Christian

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Description

A fascinating narration about international trade during the age of mercantilism and the international movement of goods and trade of money.

Vocal Characteristics

Language

English

Voice Age

Middle Aged (35-54)

Accents

North American (US General American - GenAM) North American (US Mid-Atlantic) North American (US New England - Boston, Providence)

Transcript

Note: Transcripts are generated using speech recognition software and may contain errors.
in the beginnings of international trade, the older countries exchange their products for the raw materials and food produced by the new ones. Then, as immigrants from the old countries go out into the new ones, they want to be supplied with the comforts and appliances of the older civilizations, such as to take an obvious example. Railways. But as the productions of the new countries at their early stage of development do not suffice to pay for all the material on machinery needed for building railways, they borrow in effect, these materials in the expectation the railways will open out there, re sources and unable to put more land under the plough and bring more stuff to the seaboard to be exchanged for the products of Europe, the new country, New Zealand or Japan, or whichever mid may be raises alone in England for the purpose of building a railway. But it does not take the money raised by the loan in the form of money, but in the form of goods needed for the railway and sometimes in the form of the services of those who plan and build it. It does not follow that all the stuff and services needed for the enterprise or necessarily brought in the country that lends the money. For instance, Japan borrows money from us for a railway she made by some of the rial steals and locomotives in Belgium and instruct us to pay Belgium for her purchases. If so, it's tough sending goods to Japan. We shall have to send goods or services to Belgium or pay Belgium with the claim on some other country that they have established by sending goods or services to it. But however long the chain, maybe the practical effect is that when we lend money, we lend somebody the rights to claim goods or services from us, whether they're taken from us by the borrower or by somebody to whom the borrower gives a claim on us.