Sunday, February 1, 2009

Haven't They Seen "Ferris Bueller"?

From Douglas A. Irwin, a sober warning about the protectionist provisions in the House version of the stimulus bill:
When the United States imposed the Smoot-Hawley Tariff in 1930, it helped set off a worldwide movement toward higher tariffs. When everyone tried to restrict imports, the combined effect was a deeper global economic slump. It took decades to undo the accumulated trade restrictions of that period. Let’s not make the same mistake again.

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