Smoot-Hawley Tariff
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The Hawley-Smoot Tariff was a high U.S. tariff enacted in 1930. It raised tariffs on imports to protect American manufacturers. It is criticized by nearly all economists as a huge mistake; many consider it partly responsible for the Great Depression. Modern economics, however, places greater blame for the Great Depression on the inaction of the Federal Reserve. See Debt Deflation Hypothesis.
