There is still a bit of debate over whether the tariff was harmful or not. A tariff can be beneficial to an economy, if other countries do not respond with tariffs of their own. Some say that other countries raised their own tariffs as a result of the Smoot-Hawley Tariff, and some say they were simply attempting to accomplish the same goal as the United States.
Whatever is right, protectionist legislation almost always slows growth. Some even go so far as to say the the revaluation of stocks in 1929 was a forerunner to knowledge that the tariff act was soon to pass. Might be something to watch this time around.
PeakOil is You
Smoot-Hawley II
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by MonteQuest » Fri 08 Apr 2005, 12:20:59
Last edited by MonteQuest on Fri 08 Apr 2005, 12:22:02, edited 1 time in total.
A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
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