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RECIPROCITY IN INTERNATIONAL TRADE
Author(s) -
Phillips Truman,
Ritson Christopher
Publication year - 1969
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1969.tb01363.x
Subject(s) - reciprocity (cultural anthropology) , economics , balance of trade , payment , agriculture , balance of payments , balance (ability) , international trade , international economics , sociology , finance , geography , medicine , anthropology , physical medicine and rehabilitation , archaeology
This article is in two parts. First, the theoretical basis underlying the possibility of reciprocity in trade is stated. Secondly, a study has been made of statistics of post war trade between the U.K and its major trading partners in an attempt to see whether any evidence of reciprocity emerges and, if so, the nature of the relationship. Doubt is cast on the supposition that a calculation of net import saving is a reliable short‐run estimate of net balance of payments contribution of an expansion of U.K. agriculture. Finally, the results of the analysis are applied to the level of import saving projected by the National Economic Development Committee's Report on “Agriculture's Import Saving Role”.