Lessons from the Great Depression

A series of disastrous economic decisions turned an economic downturn into the Great Depression. The Smoot-Hawley tariff harmed American consumers and a majority of American industry. Great Depression scholar Amity Shlaes explains how protectionism also contributed to tensions between nations prior to World War II.

Category:

News & Politics

Tags:

• protectionism
• Great Depression
• Smoot Hawley
• tariff
• trade
• World War
• Amity Shlaes
• financial crisis
• Jagdish Bhagwati
• globalization
• prosperity
• 1929

[toomey706]

The the period after the depression, implementing Smoot Hawley was impossible. Remember though, the stock market crash was 4 months after the passage of the act. In the post civil war era, Henry C Carey designed a protectionist environment that nurtured trade but did'nt allow over supply if markets. In the wake of british free trade was left devistation for the most part. Under Palmerston, free trade played out in the robing of foreign resources, stunting development of countries and ruin.

[machinehead61]

First, Amity Shlaes degree is in English. She has no economics background. Second, Ms. Shlaes is a member of the CFR - a free trade infested organization dedicated to destroy national sovereignty. Third, no where in the 400 pages of Shlaes' book, "The Forgotten Man", does Shlaes ever state the actual tariff level. Look up "economic effect" in Wikipedia article for Smoot-Hawley and see what Shlaes "forgot" to mention. Hardly objective nor accurate history.

[Biddybri]

@drecdabeast is this Davin?



[drecdabeast]

who is Montagu Norman and Ralph Hawtrey in the 1920's

[nemasen]

@cakadoo21

this is what i heard

therr turk r jobrss

or

hey man, like *puffs pot* wouldn't it be great if we had like no money and everybody shared.

[cakadoo21]

Globalist Propaganda

[ajgolfer1]

we had to rely on our own crops which had been failing for 2 years in '36 every state but maine had crop failures

[DKPrepper]

What a slanted bunch of crap.

[Dieselolds]

Save the word economy by importing a lot of junk from China....

[steve1581]

Highly industrialized nations such as china and india are far outproducing America in terms of highly skilled labor/PHDS/MBAS etc and with lower costs, MNCs continue to look outside of the United states for skilled workers. Globalization alone could have devestating effects on unemployment and our economy in the short term (next 30 years) .