International Trade
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General) North American (US General American - GenAM)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
in the beginnings of international trade, the older countries exchanged 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 the early stage of development do not suffice to pay for all the material and machinery needed for building railways they borrow and effect these materials in the expectation that the railways will open out their resources, enable them to put more land under the plow and bring more stuff to the seaboard to be exchanged for the products of europe, the new country, new Zealand or Japan, or whichever, it 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 are necessarily bought in the country that lends the money. For instance, if Japan borrows money from us for a railway, she may by some of the steel rails and locomotives in Belgium and instruct us to pay Belgium for her purchases. If so, instead of sending goods to Japan, we shall have to send goods or services to Belgium to pay Belgium with the claim on some other country that we have established by sending goods or services to it. But however long the chain, maybe the practical fact is that when we lend money, we lend somebody the right to claim goods or services from us, whether they are taken from us by the borrower or by somebody to whom the borrower gives a claim on us.