By Chi-Yuen Wu
Chi-Yuen Wu from China was once an Austrian expense theorist writing in the course of Mises's personal time. His nice contribution used to be this 1939 treatise written whereas learning on the London university of Economics, lower than the assistance of Lionel Robbins. notwithstanding the writer offers basically with the background of notion, Murray Rothbard thought of it to be a seminal contribution to the speculation of expense and overseas alternate.
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Additional resources for An Outline of International Price Theory
Then we do receiuve for the price of our home Commodities ". a The examination of that problem was of great importance in his system of thought, because the condition might constitute the alternative cause of an overbalance of trade. The conclusion to which he came, however, was not new. 3 The value of his contribution lies in the fact that he combined all preceding theories into a comprehensive theory of international price relationships. He started from the bullionistic theory of foreign exchange, went through Bodin's theory of money and prices and reached Hales's doctrine.
1 He was, however, of the opinion " that to shew the alternation of the price of things and the causes thereof, is of small moment, the true ground of the matter . . must be by making a comparison of the enhauncing of the price of the Commodities of one countrie, with the price of the Commodities of other countries : and thereby to find out, whether things are grown deare with vs in effect ; and whether we pay more proportionably for the forraine Commodities . . then we do receiuve for the price of our home Commodities ".
Owing to the high costs of production, the English textile industries could not withstand the competition of the Indian imports. The result was that in the last decade of the century the English woollen and silk industries faced a grave crisis. Those industries were experiencing depression and unemployment, and complaints were made by the weavers and the public in general against the East India trade. The East India Company naturally replied to the attacks that were made on its trade, and the result was the protectionist controversy.