Publisher's Synopsis
The Theory of the Foreign Exchanges, written by George Joachim Goschen and first published in 1879, is a comprehensive study of international finance and the mechanisms of foreign exchange. The book is divided into two parts, with the first part exploring the history of the foreign exchange market and the second part delving into the theoretical underpinnings of foreign exchange rates.Goschen begins by examining the origins of international trade and the development of the foreign exchange market in Europe. He then goes on to describe the various factors that influence exchange rates, including supply and demand, interest rates, and political and economic conditions. Goschen also discusses the role of gold and silver in the foreign exchange market and the impact of changes in the supply of these precious metals on exchange rates.In the second part of the book, Goschen provides a detailed analysis of the theories of foreign exchange, including the purchasing power parity theory, the interest rate parity theory, and the balance of payments theory. He also discusses the role of speculation in the foreign exchange market and the potential for speculative bubbles and crashes.Overall, The Theory of the Foreign Exchanges is an important historical text that provides valuable insights into the workings of the international financial system. It remains a relevant and insightful resource for economists, historians, and anyone interested in the field of international finance.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.
