Exportförderung durch aktive Währungspolitik

[Title Page and Publication Metadata]: Title page and publication details for Richard Reisch's 1935 work on export promotion through active monetary policy. [Table of Contents]: A detailed table of contents listing 14 sections covering topics from the gold standard to the proposal for a foreign trade bank. [Preface]: Reisch introduces the text as an expansion of lectures given in Prague. He emphasizes the importance of foreign trade and introduces a new proposal to improve monetary and trade relations through a change in international payment practices. [The Importance of Exports for Economic Structure]: Reisch argues that modern economies are built on the international division of labor. He critiques autarky and protectionism, noting that both agrarian and industrial states rely on mutual trade to combat unemployment and service capital debts. [The Nature of Foreign Trade and the Role of Currencies]: The author explains that exports and imports are two sides of the same coin. He describes how the gold standard previously facilitated trade and explains the mechanics of triangular trade and capital transfers, warning against the modern trend of demanding bilateral trade balances. [The Consequences of Abandoning the Gold Standard]: Reisch critiques the shift from the gold standard to 'managed currency.' He argues that the loss of a fixed gold anchor has led to mutual distrust, arbitrary government intervention, and a breakdown of the automatic mechanisms that once regulated international trade and credit. [Currency Devaluation as a Means of Export Promotion]: Reisch analyzes whether devaluation actually helps exports. He concludes that while it may offer a temporary 'export premium,' it ultimately fails due to rising import costs, retaliatory devaluations by competitors, and the eventual adjustment of domestic prices to the new currency value. [The Role of Clearing Agreements and Foreign Exchange Controls]: Reisch describes clearing agreements as defensive weapons in economic warfare. He explains the mechanics of clearing houses and exchange controls, noting their role in protecting national currencies from passive balances of payments while acknowledging they often hinder international trade through bureaucracy. [Critical Review of Previous Monetary Measures]: Reisch critiques existing measures for being purely defensive or aggressively destructive. He proposes a 'rationalized active foreign currency policy' involving differentiated prices for foreign exchange based on the necessity of the imported goods, thereby creating a sustainable export premium without total devaluation. [Changes in the Position and Tasks of Central Banks]: Reisch argues that central bank statutes are outdated. He suggests separating credit policy from foreign exchange policy, proposing that a dedicated 'Foreign Trade Bank' handle exchange matters to allow the central bank to focus on domestic liquidity and economic cycles without the constraints of the gold standard. [Dr. Ernst Ružička's Proposal for a Foreign Trade Bank]: Reisch details Ružička's plan for a Foreign Trade Bank that issues 'Valutabons' (currency coupons). These coupons would be split into categories for essential and non-essential imports, allowing a market-driven price for foreign exchange that rewards exporters while regulating imports through price rather than just prohibition. [Active Foreign Currency Policy and Planned Economy]: Reisch addresses concerns that his proposal increases bureaucracy. He argues that by using market-traded coupons, the system actually simplifies existing exchange controls and moves toward a freer economy by replacing individual administrative decisions with general market rules. [Effects of Active Foreign Currency Policy in International Relations]: The author discusses how other nations might react to this policy. He argues it is an internal sovereign matter and suggests that potential conflicts over import categorization can be resolved through bilateral negotiations, ultimately benefiting the global economy by restoring trade functionality. [Dr. Ružička's Form of a Currency Coupon (Valutabon)]: A technical template and legal description of the proposed 'Valutabon' (Currency Coupon), including the specific rights attached to Coupons A and B for essential and general imports. [Application in the Danube Region]: Reisch explores applying his system to the Danube states. He argues that because these states share similar economic weaknesses and currency struggles, a unified active monetary policy would facilitate regional integration and provide a clear framework for trade preferences. [Interstate Credit Agreements]: The author proposes that Foreign Trade Banks in different countries grant each other reciprocal credits. This would allow trade to occur in domestic currencies without needing scarce third-party foreign exchange, effectively improving upon the clearing system by preventing frozen balances. [The Ultimate Goal: Return to the Gold Standard]: Reisch concludes that the active foreign currency policy is a transitional tool. The ultimate goal remains the restoration of the gold standard and free convertibility, which requires international cooperation and a final realignment of currency values to ensure lasting economic peace. [Author's Bibliography and Colophon]: A list of other published works by Richard Reisch on topics including taxation, credit, and banking theory, followed by the printer's mark.