Word: smooting
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People tend to forget how important free trade is to the economic and political health of the globe. History abounds with evidence of the folly of protectionism. Ever-higher trade barriers, climaxed by the U.S. Haw-ley-Smoot Tariff Act of 1930, helped bring on the Depression and the World War that followed. Since then, the U.S. has been committed, with occasional lapses, to trade liberalization. Even so, Carter is under more pressure than previous postwar Presidents to modify U.S. policy. Some of the most forceful protesters are his own political allies, especially labor...
Other Ivy gridders honored this week are Dartmouth middle linebacker Reggie Williams, who was selected to the AP All-American second team, and Yale's John Smoot and Gary Fencik, who won AP honorable mentions along with Brown quarterback Bob Bateman...
Yale Coach Carmen Cozza just may have assigned George Allen's book on football as homework for his Bulldogs. Yale's defense forced three costly Colgate turnovers in the first half. Linebacker John Smoot recovered two fumbles and picked off an errant Red Raider pass to set up three Eli scores...
...July 4, 1789. In 1828, Congress sharply increased the rates via a law that was labeled by cotton-exporting Southerners and Western farmers a "tariff of abominations." During the post-Civil War era, tariff rates were generally kept high by Republicans. The G.O.P. policy culminated in the disastrous Smoot-Hawley Act of 1930, which set off an international trade war that deepened the world Depression. Only in 1934, when the folly of that approach became painfully evident, did Washington switch to a consistent policy of promoting freer global commerce...
Free trade is also threatened by the greatest surge of protectionism in the U.S. since the Smoot-Hawley tariff bill of 1930; last week, for example, the traditionally free-trading United Auto Workers Union announced that it was in the process of seriously reconsidering its position. Meanwhile, the growth of multinational corporations is threatened by foreigners' fears of "the American challenge" and their pique at President Nixon's unilateral actions last week...