Changes

"However, foreign trade was a small part of the U.S. economy (4%), so economist such as Milton Friedman argue that the tariff could not have directly contributed much to the depression." This analysis ignores that 33% of farm income came from foreign trade, so this act devastated them. And FDR's policies of quotas and price controls made it worse.

"However, foreign trade was a small part of the U.S. economy (4%), so economist such as Milton Friedman argue that the tariff could not have directly contributed much to the depression." This analysis ignores that 33% of farm income came from foreign trade, so this act devastated them. And FDR's policies of quotas and price controls made it worse. {{unsigned|LagerHead}}