Changes

==World Trade==

==World Trade==

[[File:Spiral-1933.jpg|thumb|240px|total imports for 75 countries, 1929-33]]

[[File:Spiral-1933.jpg|thumb|340px|total imports for 75 countries, 1929-33]]

Every country began cutting imports, with the result that world trade spiraled downward, as the "Kindleberger spiral" demonstrates. The total imports of 75 countries declined from $3.0 billion in early 1929, shrinking every quarter to a low of $944 million in spring 1933.<ref> Charles Kindleberger, ''The World in Depression 1929-1939'' (1986), p 170</ref> The U.S. made matters worse with the Smoot-Hawley tariff of 1933, which restricted imports into the US. Canada, Britain, France and other countries retaliated by reducing their imports from the US.

Every country began cutting imports, with the result that world trade spiraled downward, as the "Kindleberger spiral" demonstrates. The total imports of 75 countries declined from $3.0 billion in early 1929, shrinking every quarter to a low of $944 million in spring 1933.<ref> Charles Kindleberger, ''The World in Depression 1929-1939'' (1986), p 170</ref> The U.S. made matters worse with the Smoot-Hawley tariff of 1933, which restricted imports into the US. Canada, Britain, France and other countries retaliated by reducing their imports from the US.