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Document Type

Article

Abstract

One of the most egregious errors committed during the Great Depression was the Smoot-Hawley Tariff Act of 1930. It was the highest U.S. tariff of the century and sparked massive foreign protest. Immediate retaliation from Spain, Italy, Switzerland and Canada destabilized the Western market. It nearly collapsed when Great Britain, France and Germany reacted to the crisis. Smoot-Hawley did not cause the Great Depression, but it certainly worsened it by initiating a wave of trade barriers that severely reduced world trade. It should be a caveat for all international trade issues and persuasively shows why protectionism is a dubious policy.

Publication Date

Spring 1999

Journal Title

Major Themes in Economics

Volume

1

Issue

1

First Page

3

Last Page

26

Copyright

©1999 by Major Themes in Economics

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.

Language

EN

File Format

application/pdf

Included in

Economics Commons

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