A tourist currency?

Abstract

The revolution in transport during the 19th century and the great rise of personal incomes in the countries of Western Europe multiplied a hundredfold the numbers of people travelling for business and pleasure outside their own country. It was not long, however, before governments realised that this expansion in the movement of people was accompanied by movement of money across frontiers. Travellers, particularly the pleasure travellers, spent money liberally to pay for accommodation, transport, etc., but there was also a certain amount of capital movement connected with travel. This new demand for services and other facilities led to the growth and development of a great hotel and catering industry and entailed heavy capital investment. Travel came to be regarded as a new industry. Indeed, most of the Western European countries considered it an important item in their export trade, and in the 20th century, after 1918, travel began to be treated as a commodity in international trade. By many it was considered a luxury at a time when trading conditions were unfavourable, and thus restrictions were frequently placed on the movement of travellers, who also came to be suspected as likely smugglers of goods and capital. And so it happened that even when the tourist was not prevented from obtaining foreign exchange for travel, his movements were suspected and restricted for fear of criminal activity.

Citation

Lickorish, L.S. and Kershaw, A.G. (1948), "A tourist currency?", The Tourist Review, Vol. 3 No. 1, pp. 4-7. https://doi.org/10.1108/eb059625