Word: tariff
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...easy to see why rising tariffs have prolonged and accentuated many of the war-time maladjustments between supply and demand. When the world is divided by trade barriers, a new duty or an increase in an old one may lead an industry to expand behind the tariff, despite the fact that the demand for its output at a profitable price does not equal the productive capacity already in existence, but located in other countries. Maladjustments thus aggravated by tariffs, did not directly precipitate the collapse of prosperity but they did weaken the economic position of many countries and reduce their...
...Ever-rising Tariff...
...high and ever-rising American tariff has prevented us from developing an excess of imports. Indeed, so high have been our duties that for many years over 95 per cent of the manufactured articles consumed in the United States have been domestic products. Not only were rates raised in 21921 and again in 1922, but whenever a commodity began to flow over the tariff will in appreciable quantities the Tariff Commission was disposed to recommend that the President use his authority under the so-called "flexible" clause to increase the duty...
...high tariff was not the only reason why by the end of 1930 Australia and most of the South American countries had definitely abandoned the gold standard. There were other important causes--excessive and unwise borrowing during the boom period, the inability of these countries to raise new loans, the collapse in the prices of wheat, wool, coffee, tin and other commodities. But the American tariff, by restricting the ability of the world to pay us with goods instead of gold, was a major factor in forcing a large part of the world off the gold standard and in accentuating...
...Especial attention should be given to the American tariff of June, 1930--an act of almost incredible economic folly. Unlike some recent foreign tariff changes, revision of our tariff was not needed either to protect our exchanges from depreciation or to guard our gold sup plies from depletion. On the contrary, the tariff law was passed when we possessed approximately 40 per cent of the world's monetary gold and when, as has been said, we were attracting large additional amounts...