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.
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: