Word: hawley
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...clauses are a worthy cause. When asked by the New York Times if people would oppose protectionism, Senator Sherrod Brown (D - Ohio) replied: “Who could be against it? Well, some Ivy League economists don’t like it—something about Smoot-Hawley and the Great Depression...
...With all due respect, the senator should know better. The Smoot-Hawley Tariff Act of 1930, perhaps the best-known protectionist law in history, erected tariff barriers for over 20,000 products after the Wall Street crash in 1929. It may have gotten the lawmakers that passed it reelected, given the short-term boost in domestic demand, but it was a cataclysmic event for the global economy in the medium and long run: Countries soon became entangled in a protectionist race and subsequent trade war that caused American foreign trade (imports and exports) to almost halve. According to Milton Friedman...
...sides of the Pacific would welcome less right now than a U.S.-China trade rumble. Both countries are in the midst of serious economic pain, which trade tensions would only worsen. There are enough comparisons with the Great Depression out there already without dredging up the memory of Smoot-Hawley, the 1930 legislation in the U.S. that put a tariff on some 20,000 imported goods - to devastating effect on trade...
...article of faith among economists that rising global protectionism intensified the Great Depression of the 1930s. History looks back at the infamous Smoot-Hawley Act, which jacked up tariffs in the U.S., as a disastrous step that stymied the international economic cooperation needed to alleviate the worst economic catastrophe in modern history. Even the U.S. State Department says the act "quickly became a symbol of the 'beggar thy neighbor' policies of the 1930s." Between 1929 and 1934, world trade declined by about two-thirds...
...been framed almost exclusively in terms of domestic economic considerations: avoiding massive job layoffs vs. throwing money at possibly doomed companies. But a bailout would have major reverberations abroad as well. Though a bailout may not be the blatant protectionism of the 1930s tariffs introduced by the Smoot-Hawley Act, Europeans warn that a rescue of Detroit amid a major global slowdown could be the first shot in a new trade...