Le Commerce de l'Algérie de 1924 à 1938 : interprétation des termes de l'échange

Abstract

The crisis touched trade between France and Algeria only relatively lightly. The amount of trade did not decrease except in 1934 and 1935. In fixed francs, the word slowing-down is more appropriate than that of despression. As for the ternis of trade, these remained favourable to Algeria, for every kind of exporter (settlers, mining companies, natives). Two basic elements account for this paradox. First and foremost, Algeria was an integral part of the French market (flag-carrier monopoly, common customs tariff). The value of its exports was hence less vulnerable to the violent fluctuation in world market prices. Furthermore, the goods sold by the mother-country came mostly from pre-monopolistic industrial groups, still subject to the hasards of free trade. The sales of these products did not abate while their prices fell by more than 50 %. Everything happened as if the colonial form of imperialism was contributing to the dégradation of France's overall terms of trade.