Description
Book SynopsisIn his study of Canada, John A. Stovel examines the changes in that country's balance of payments and balance of trade from confederation to the present day, including as part of his examination historical, statistical, and theoretical points of view. The author also reexamines criticallyand finds himself in sharp disagreement withJacob Viner's classic in the field, Canada's Balance of International Indebtedness, 1900-1913, which has long been considered the definitive analysis of the subject. Developing in Part I an eclectic theory of international balance of payments, and in Part II concentrating on the Canadian balance of trade and balance of payments in relation to economic developments preceding World War I, Stovel carefully prepares the foundation for a critique of Viner's analysis of the period 1900-1913. Discussing the inadequacy of the Mill-Taussig theory and its empirical verification, and observing the extent to which the newer theoretical developments have afforded increa
Trade ReviewAn important book… Of its significance in the literature of international trade theory there can be no doubt. -- Hugh G. J. Aitken * Journal of Economic History *
A contribution to the theory of international trade, this book is also a notable contribution to a better understanding of Canada’s besetting problem, the growing current account deficit and countervailing heavy capital inflows, mostly from the United States. * The Economist *
Mr. Stovel’s subject is fascinating, he makes a large number of stimulating points, and he stresses that ‘there is a tremendous amount of theoretical and empirical work yet to be done in this field.’ Future students of the balance-of-payments problems of Canada will, I think, find that Mr. Stovel has cleared a good deal of ground for them. -- John Knapp * The Economic Journal *
