notes. 9.5 - 9/3 Boyer International Trade o Williamson...

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9/3- Boyer - International Trade o Williamson- prices converge with globalization Transport costs dropped by large % o As prices of transport fall and the prices converge (1870s) tariffs increase because domestic producers need protection Tariffs don’t decrease trade because of lower price gaps o Africa has entered the world economy with natural resources - Gold Standard o Gold Standard- fix price of currency in terms of gold; willing to exchange money for gold o Currency 1 pound= 113.0016 grains of gold 4.25 pounds= 1 oz of gold 4.25 pounds= $20.67 1 pound=$4.86 US did based on exchange rate with Great Britain o FDR took US off gold standard and put US back on Last time we go off is in 1973 under Nixon o Great Britain and the US (along with any others on the gold standard) never changed exchange rates (1890-1914) o Exchange risk- exchange rates bounce around, prices vary over long term deals Eliminated by gold standard long term money deals
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