Protectionism Anew

historians and economists who debate the Great Depression agree about one thing: Whatever may have caused the crisis, protectionism, trade barriers and, yes, the Smoot-Hawley Tariff Act, helped to ensure that it lasted as long as it did. So uncontroversial is this view that it is virtually U.S. government policy. “To this day,” intones a State Department Web site, “the phrase ‘Smoot-Hawley’ remains a watchword for the perils of protectionism.”

via Anne Applebaum – Protectionism Anew – washingtonpost.com.

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