THE PURPOSE of this essay is to fill part of a major gap in the theory of international trade, the international aspects of short-run oscillations, partly by testing the applicability of various propositions to a concrete case and partly by testing them for their logical consistency.

THE PURPOSE of this essay is to fill part of a major gap in the theory of international trade, the international aspects of short-run oscillations, partly by testing the applicability of various propositions to a concrete case and partly by testing them for their logical consistency.

THE PURPOSE of this essay is to fill part of a major gap in the theory of international trade, the international aspects of short-run oscillations, partly by testing the applicability of various propositions to a concrete case and partly by testing them for their logical consistency.