Part One: Misplaced Concreteness and Disguised Politics 6. Comments on the "the Balance of Payments" 7. The Mysterious Numbers Game of Balance-of-Payments Statistics Part Two: The Effects of Devaluation Introduction to Part Two 8. Relative Prices and Aggregate Spending in the Analysis of Devaluation 9. The Terms-of-Trade Effects of Devaluation upon Real Income and the Balance of Trade Part Three: Gold And Foreign Reserves Introduction to Part Three 10. Eight Questions o Gold 11. A Proposal to Reduce the Price of Gold 12. The Fuzzy Concepts of Liquidity, International and Domestic 13. Further Reflections on the Demand for Foreign Relations Part Four: Foreign Exchange and Balance of Payments Introduction to Part Four 14. Plans for Reform of the International Monetary System Part Five: Capital Movements and the Transfer Problem Introduction to Part Five 15. The Transfer Problem: Theme and Four Variations 16. Foreign Debts, Reparations and the Transfer Problem 17. Transfer and Price Effects 18. The Transfer Problem: Income Effects and Price Effects 19. The Transfer Problem Revisited 20. Capital Movements and Trade Balance / Foreign Exchange and Balance of Payments Introduction to Part One 1. The Theory of Foreign Exchanges 2. Elasticity Pessimism in International Trade 3. Three Concepts of the Balance of Payments and the So-Called Dollar Shortage 4. Dollar Shortage and Disparities in the Growth o Productivity 5. Equilibrium and Disequilibrium.

Containing Fritz Machlup's papers on international finance spanning thirty years, this volume includes pieces translated into English for the first time. Focussing on the theme of the balance of payments, the work is structured as follows: Foreign Exchanges and Balance of Payments, The Effects of Devaluation, Gold and Foreign Reserves, Capital Movements and the Transfer Problem. An introduction to each section by the author is included.