The Nature of Trade Cycles
Let us begin on a note of confusion. British economists speak of ‘trade cycles’, rarely of ‘business cycles’ ; American economists write about ‘business cycles’, seldom about ‘trade cycles’; indeed, Americans tend to use ‘trade’ as shorthand for ‘international trade’, not for ‘economic activity’. Today the British economist writing about a ‘trade cycle’ means essentially the same thing as his American counterpart would mean by a ‘business cycle’, although this was not strictly true in the past. In this book, the terms are used synonymously.
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