Difference between revisions of "Smoot-Hawley Tariff"
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Revision as of 03:35, April 2, 2007
The Hawley-Smoot Tariff was enacted in 1930. It imposed high trade barriers on imports to protect American manufacturers. It is criticized by some economists as a huge mistake, largely responsible for the Great Depression. Modern economics, however, places greater blame for the Great Depression on the shoulders of the Federal Reserve. See Debt Deflation Hypothesis.
