Word: trade
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Dates: during 1930-1939
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...enacted the Hawley-Smoot tariff [in 1930], designed as nearly as possible to exclude every foreign commodity deemed in the slightest degree competitive with domestic production. Other countries, either in pursuit of a similar policy or in retaliation, increased their tariffs. The inevitable result was to reduce trade further, to create greater unsalable surpluses, to lower living standards, while privation and unemployment raged among millions...
...second step toward a better world of gold, U. S. Secretary of the Treasury Henry Morgenthau Jr. this week announced that the U. S., Britain and France had reached a temporary agreement for the exchange of that metal in the course of trade. Though Secretary Morgenthau called this pact, secretly negotiated by transatlantic telephone, a "new type of gold standard," it was really nothing more than a technical extension of the U. S.-Franco-British agreement of last month to use their respective stabilization funds to steady the dollar, the pound and the franc (TIME...
...final pattern of world currency stabilization, this week's international deal set no ratio between the dollar, the franc, and the pound, left that to be developed by the course of trade. Any other country with a stabilization fund and a desire to end international currency fluctuation was welcome to join Secretary Morgenthau's party. As for the ordinary citizen of France, of Britain or of the U. S., this week's gold pact changed his monetary routine...
...dramatic lead toward abolition of trade quotas, reduction of tariffs and relaxation of exchange controls given by Socialist French Premier Leon Blum and Fascist Italian Premier Benito Mussolini (TIME, Oct. 12) stirred statesmen of the League of Nations last week to action under a new slogan: ECONOMIC PACIFICATION...
...long in making these benefits available to the masses of the people, they will revolt!" As rapidly as possible the League last week produced and approved a resolution urging all States represented in Geneva to follow the Latin lead toward Economic Disarmament. In addition to a return to Free Trade in the not too distant future, Geneva statesmen spoke hopefully of a return to the Gold Standard at present devalued monetary levels. In this they were encouraged by the annual Mansion House speech to the Lord Mayor of London and the city's leading bankers delivered last week...