...  wholly or partlyoffset by a countervailing flow of specie (gold coins) that would act to equalize prices across countries and automatically bringinternational payments into balance. Price-Specie Flow Mechanism An argument David Hume made against those who argued that a favorable balance of trade is always good public policy. The price specie flow mechanism states that under a gold standard, countries with ... is better known for his treatments of the philosophy, the history, and the politics. The Scottish philosopher David Hume also made...

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• Approx Pages: 6
• Grade Level: Undergraduate