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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]].

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]].

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