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...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, it created...
...complaints have made them temper their proposals. Furthermore, for all his talk of avoiding economic nationalism in his speech to the U.S. Congress on Wednesday, British Prime Minister Gordon Brown has called for “British jobs for British workers.” Though the rhetoric of short-term political gain is attractive, it is definitely detrimental for everyone playing the game. Economic nationalism gives rise to a prisoner’s dilemma in which the worst possible outcome prevails. If the 1930s are any sign, this short-sighted approach leads directly to further contraction of economic activity...
...good times, like 2003 when I got zero Final Four teams, or that one day in the first round in 2005 when I watched TWO Final Four picks lose in big upsets. My feelings as I watched Syracuse stink it up against Vermont gave new meaning to the term “March Madness.” But the tourney should be a happy time for you and me. While we wait, I’m looking forward to the end of the regular college basketball season, including that of the Harvard team—which I cover...
...Despite such concerns, the Unviersity has continued to buy property. In late December, the University purchased a 29,700 square foot building adjacent to Brighton Mills, but said that the current tenants would remain on-site and that Harvard had no short-term plans to use the property...
...program’s expansion this year, Megan says, adding that the office’s overall budget will see significant cuts.The fledging grant program, which has awarded nearly 30 fellowships since its inception two years ago, provides students with up to $5,000 to pursue a short-term project in the arts. Proposals are judged based on merit and the applicant’s contribution to the community.“It’s a huge decision to go out on a limb to say you want to be a writer or an actor,” says...