Money passes from country to country as a Medium of Exchange, through the Exchanges.

  • § 2. Distinction between Variations in the Exchanges which are self-adjusting and those which can only be rectified through Prices.
  • Chapter XVII. Of The Distribution Of The Precious Metals Through The Commercial World.
  • § 1. The substitution of money for barter makes no difference in exports and imports, nor in the Law of international Values.
  • § 2. The preceding Theorem further illustrated.
  • § 3. The precious metals, as money, are of the same Value, and distribute themselves according to the same Law, with the precious metals as a Commodity.
  • § 4. International payments entering into the “financial account.”
  • Chapter XVIII. Influence Of The Currency On The Exchanges And On Foreign Trade.
  • § 1. Variations in the exchange, which originate in the Currency.
  • § 2. Effect of a sudden increase of a metallic Currency, or of the sudden creation of Bank-Notes or other substitutes for Money.
  • § 3. Effect of the increase of an inconvertible paper Currency. Real and nominal exchange.
  • Chapter XIX. Of The Rate Of Interest.
  • § 1. The Rate of Interest depends on the Demand and Supply of Loans.
  • § 2. Circumstances which Determine the Permanent Demand and Supply of Loans.
  • § 3. Circumstances which Determine the Fluctuations.
  • § 4. The Rate of Interest not really Connected with the value of Money, but often confounded with it.
  • § 5. The Rate of Interest determines the price of land and of Securities.
  • Chapter XX. Of The Competition Of Different Countries In The Same Market.
  • § 1. Causes which enable one Country to undersell another.
  • § 2. High wages do not prevent one Country from underselling another.
  • § 3. Low wages enable a Country to undersell another, when Peculiar to certain branches of Industry.
  • § 4. —But not when common to All.
  • § 5. Low profits as affecting the carrying Trade.
  • Chapter XXI. Of Distribution, As Affected By Exchange.
  • § 1. Exchange and money make no Difference in the law of Wages.
  • § 2. In the law of Rent.
  • § 3. —Nor in the law of Profits.
  • Book IV. Influence Of The Progress Of Society On Production And Distribution.
  • Chapter I. Influence Of The Progress Of Industry And Population On Values And Prices.
  • § 1.