http://triphopclan.com/blog/2008/01/28/if-we-dont-remember-the-past-we-may-repeat-it/ go go smear the poison ivy Sat, 22 Nov 2008 00:24:41 +0000 http://wordpress.org/?v=2.6.1 http://triphopclan.com/blog/2008/01/28/if-we-dont-remember-the-past-we-may-repeat-it/#comment-40862 Chromium Tue, 29 Jan 2008 07:09:51 +0000 http://triphopclan.com/blog/2008/01/28/if-we-dont-remember-the-past-we-may-repeat-it/#comment-40862 There is not universal agreement as to the impact of the tariff. According to the U.S. Statistical Abstract, the effective tariff rate was 13.5% in 1929 and 19.8% in 1933. From 1821 through 1900 the United States averaged 29.7% effective tariff rates and peaked in 1830 at 57.3%, dwarfing the Smoot-Hawley rate. In addition, imports in 1929 were only 4.2% of America's Gross National Product (GNP) (although this does not include the effect of other countries' retaliatory tariffs on US exports). Smoot-Hawley's impact on the entire U.S. economy was dwarfed in comparison to the monetary policy of the Federal Reserve System. There is not universal agreement as to the impact of the tariff. According to the U.S. Statistical Abstract, the effective tariff rate was 13.5% in 1929 and 19.8% in 1933. From 1821 through 1900 the United States averaged 29.7% effective tariff rates and peaked in 1830 at 57.3%, dwarfing the Smoot-Hawley rate. In addition, imports in 1929 were only 4.2% of America’s Gross National Product (GNP) (although this does not include the effect of other countries’ retaliatory tariffs on US exports). Smoot-Hawley’s impact on the entire U.S. economy was dwarfed in comparison to the monetary policy of the Federal Reserve System.

]]> http://triphopclan.com/blog/2008/01/28/if-we-dont-remember-the-past-we-may-repeat-it/#comment-40817 DragonTHC Tue, 29 Jan 2008 03:40:48 +0000 http://triphopclan.com/blog/2008/01/28/if-we-dont-remember-the-past-we-may-repeat-it/#comment-40817 This was only a small factor in the great depression. The Smoot-Hawley Tariff act was the major cause. This raised the tariffs so high on imports that other nations stopped trading with the U.S. and destabilized the foreign exchange. The American stock markets crumbled as a result. This was only a small factor in the great depression. The Smoot-Hawley Tariff act was the major cause. This raised the tariffs so high on imports that other nations stopped trading with the U.S. and destabilized the foreign exchange. The American stock markets crumbled as a result.

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