The Meaning of Foreign Trade for Agriculture

Arthur P. Chew

No 355729, USDA Miscellaneous from United States Department of Agriculture

Abstract: The author of this article deals with basic considerations in foreign trade. He argues that the foreign-trade situation determines the fundamental nature of the agricultural problem in the United States and that it is now more rather than less significant than formerly. From a broad historical and economic analysis, he concludes that no creditor nation can indefinitely maintain a favorable trade balance to get rid of its surplus production. The ultimate consumption-production balance must be domestic, and domestic consumption must be stepped up when an unfavorable trade balance appears. But this does not mean resorting to a self-sufficient economy. On the contrary, he argues, maintaining the international exchange of goods at a high level in itself makes for increased domestic consumption and general prosperity.

Keywords: Agricultural and Food Policy; International Relations/Trade (search for similar items in EconPapers)
Pages: 19
Date: 1940
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Persistent link: https://EconPapers.repec.org/RePEc:ags:usdami:355729

DOI: 10.22004/ag.econ.355729

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