Word: exportable
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Dates: during 1930-1939
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Britain, off gold since 1931, loudly feared the loss of her tremendous export trade advantage over the U. S. as the gap between the pound and the dollar quickly narrowed. To many a Londoner the President's action looked like an attempt to horsewhip Britain into line for some sort of currency agreement. Rapping the President's action as "a deliberate stroke of policy." the Duke of Northumberland's Morning Post warned against a "disorderly race of currency depreciation." The angriest shriek came from the Financial News: "Wilful sabotage could not go much further. . . . The whole business...
...tariff policies of Presidents Harding, Coolidge and Hoover, President Roosevelt hopes to lead the world to economic peace by his tariff policy. The Agenda Commission in its report flayed attempts at national self-sufficiency ("all seek to sell but not to buy"), manifested in retaliatory tariffs, embargoes, import quotas, export subsidies, and exchange restrictions which "throttle business enterprise." First objective at London is a tariff truce against more rate uppings. After that, attempts will be made to weed out such quota restrictions as Austria puts on tires and shoes, Belgium on sugar and silk knit goods, Germany on lard...
...such optimism is probably quite unwarranted. Tariffs, quotas, duties of all sorts, are essentially the grant of monopoly privileges to national industries. While the reduction of import and export barriers might result in an increase in the general welfare, it would not be welcomed by the present protected concerns, since it means outside competition. As the depression has deepened, the struggle for internal markets has become sharper, and home corporations have demanded the right to what little business is left in the country. While this necessity remains in each nation, the possibility of tariff reductions is remote. The conclusion...
...against itself into scores of increasingly high partitions. England, which has previously been the citadel of Free Trade, has surrendered the position and taken to building an Empire preference unit. And the disease is as cumulative a one as the matter of armaments. If France raises her import or export duties, the other countries feel compelled to follow suit. Faced by such absurd but deliberate attempts to destroy all the advantages of the division of labor, it would seem to many that the nations would realize their folly and put an end to it. One might think that "if they...
...that is, pre-War parity. Thus the wheat processing tax last month would have been around 56? per bu., the cotton 7? per Ib., the beef 2¢ per Ib. Such taxpayers were made eligible to borrow the necessary funds from R. F. C. Processors of farm products for export were to get tax refunds. If the public tried to dodge the tax on cotton, for example, by turning to rayon, silk or linen, the Secretary of Agriculture might place a competitive tax on those substitutes...