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| | Smoot-Hawley Tariff Act - Wikipedia, the free encyclopedia |
 | | This led in part to the Bretton Woods Agreement in 1944 and the General Agreement on Tariffs and Trade (GATT) in the 1950s. | | | In part as a result of the Hawley-Smoot Tariff and other countries' responses to it, the post-World War II world saw a push towards multilateral trading agreements that would prevent a similar situation from unfolding. | | | The cause of the Canadian decision is still disputed, however. |
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http://en.wikipedia.org/wiki/Smoot-Hawley_Tariff
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| | EH.Net Encyclopedia: Smoot-Hawley Tariff |
| | The usual summary measure of tariff protection is the ratio of total tariff duties collected to the value of imports. | | | Although the popular view is that tariffs create new jobs, or preserve old ones, most economists believe that the effect of tariffs on the total number of jobs available in an economy is temporary. | | | The overall level of employment in an economy is determined by such factors as the size of the population, the fraction of the population that is of working age, and the choices individuals make with respect to engaging in paid labor as opposed to unpaid labor or leisure. |
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http://eh.net/encyclopedia/article/obrien.hawley-smoot.tariff
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| | How Americans Can Buy American |
| | In other words, a product that cost a dollar at a 25 percent tariff would cost $1.25, but if the price fell to 50, the tariff was still 25 cents and the product now only cost 75 cents, but the tariff rate was now calculated to be 50 percent. | | | Regardless of how one calculates tariff rates, as either a percentage of imports where tariffs are applied or as a percentage of all imports, duty-free or not, the Smoot-Hawley tariff did not have the highest rates in U.S. history. | | | History shows that the crash was much more likely due to the inability of Congress to pass a tariff bill at all than because of the possibility that Congress might pass a high tariff bill. |
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http://www.howtobuyamerican.com/simmermaker/ba-0012-smoothawley.shtml
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| | Labor Market Shocks |
| | The Smoot-Hawley tariff was partially offset by a $160 million tax cut in the same year, which went entirely to the rich. | | | The tariff was also partially offset by the money saved by Americans no longer investing in or loaning to Europe. | | | A congressional joint committee, however, in compromising the differences between a high Senate tariff bill and a higher House tariff bill, arrived at new high rates by generally adopting the increased rates of the Senate on farm products and those of the House on manufactures. |
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http://www.fiu.edu/~thompsop/money/classical_model/labor_shocks.html
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| | 75th Anniversary of Smoot-Hawley Tariff Act |
| | But it was one thing to impose tariffs when the U.S. was a small debtor nation (and much of the tariff revenue was used to pay off the public debt, which in turn meant a decrease in future domestic tax liabilities). | | | Over time, tariffs would, in essence, have the same inhibiting impact on investment and commerce as an increase in taxes. | | | The reference to "money" going to 14% referred only to spot loans to individuals who had bought shares on margin and were having to raise fresh funds to cover their accounts. |
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http://www.theconservativevoice.com/modules/news/article.php?storyid=6357
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| | Buchanan on the history of US protectionism |
| | A recent analysis estimates that the Smoot-Hawley tariff, on average, doubled the tariffs over those in the Underwood Act. | | | For more than 60 years, a guiding principle of U.S. international economic policy has been that tariffs and other trade barriers should be reduced, that trade wars must be avoided at all costs, and that the best way to achieve those goals is through multilateral negotiations. | | | As early as 1832 Congress began to scale back tariffs with further reductions enacted the following year. |
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http://www.freetrade.org/new/buch1.html
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| | Part III, Karl Marx Revisited: A Fluid Society |
| | Taxation of either business profit or an increase in the value of capital assets (a capital gain) are dealt with in static, linear fashion, as if the risk-taker is largely unaffected by variations in reward. | | | Marx can hardly be faulted, as it was not until 1907 that F.B. Hawley put forward the first satisfying and complete risk theory of profit in Enterprise and the Productive Process. | | | In this analysis, "capital" is a legal property title which entitles its owner to appropriate whatever the wage-worker produced over and above the factor-costs of production. |
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http://www.polyconomics.com/searchbase/km3.htm
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| | A Moment in Time: The Smoot-Hawley Tariff |
| | It can be a simple tariff, the government taxes imports to pay its bills, or it can be a protective tariff. | | | Content: Simply put, a tariff is a tax charged on goods imported into the country. | | | Today, for the most part both political parties assert that government tariffs that either fatten the profits of poorly run businesses or keep alive jobs that do not make economic sense anymore, cheat the vast majority of Americans of the benefits of affordable goods and make it harder for us to sell our products overseas. |
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http://ehistory.osu.edu/world/amit/display.cfm?amit_id=1243
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| | America's Great Depression - Causes and Cures |
| | Except for minor adjustments, and the temporary suspensions of gold payments during wartimes, the price of gold was held standard from the establishment of the new United States of America in 1791 until gold was revalued in 1933. | | | However, since the real effect of the increased tariffs was to increase prices and increase price rigidity, it is easy to see how the Act could have exacerbated the Depression. | | | Eventually, 60 other countries passed retaliatory tariffs in response. |
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http://www.amatecon.com/gd/gdcandc.html
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| | Educate Yourself - Smoot-Hawley |
| | It's a gross generalization, but as a young nation the interests of the business community seemed to be best served by protecting our burgeoning industries, like in agriculture and textiles, to name two, and our politicians were only too happy to comply by passing all manner of legislation towards that end. | | | And, as I alluded to above, while tariffs often lead to higher prices, the issue worldwide between 1930 and 1932 was deflation, not inflation. | | | The Depression is over." On June 16, he then issued a statement through the newspapers that he would be signing a bill, in an attempt to aid those businesses damaged by the downturn. |
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http://www.buyandhold.com/bh/en/education/history/2002/smoot_hawley.html
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| | Hawley-Smoot Tariff |
| | Senate consideration was led by Reed Smoot, the Finance Committee chairman from Utah, who succeeded in deleting some of the most egregious protectionist features, but still produced a bill warmly greeted by American manufacturers and farmers. | | | Willis C. Hawley, the House Ways and Means Committee chairman from Oregon, helped to fashion a moderate revision of the existing law. | | | However, lobbyists went to work and successfully urged for a host of changes and exceptions, which effectively changed the bill from a modest reform measure into an extremely protectionist one. |
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http://www.u-s-history.com/pages/h1519.html
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| | practice.html |
| | Their only options are to devalue their currency (making their products cheaper), or to cover the imbalance of payments in gold (not good for any nation). | | | And without US loans or lower tariff, the world could not buy US goods, forcing US businesses to cut production and layoff workers. | | | Massive defaults shattered US investment confidence, reducing the amount of dollars available to the world. |
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http://ppl.nhmccd.edu/~craigl/25.html
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| | Unhappy Birthday Hawley-Smoot by Thomas Sowell -- Capitalism Magazine |
| | The Hawley-Smoot bill raised American tariffs to record high levels, in an attempt to protect existing jobs and in hopes of helping the unemployed find work producing things that the United States had previously been importing from other countries. | | | At the heart of past and present arguments for restricting imports that compete with American-made products is the notion that these imports will cost Americans their jobs. | | | Talk about import restrictions or complaints about "outsourcing" today proceed with the same mindless disregard of what other nations are doing and will do. |
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http://www.capmag.com/article.asp?ID=4258
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| | Supply-side Fall Lesson 5: Re: Questions and Answers |
| | Then, it was multiplied as Hoover raised tax rates in order to balance the budget, as revenues had fallen sharply, principally because of the decline in tariff revenues. | | | This would mean only a recession, during the period when these surpluses were being liquidated and production redirected internally. | | | Why wouldn’t or, more accurately, why didn’t production efforts simply shift capital to domestic production that had previously been the market territory of the rest of the world in response to the tariff? |
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http://www.polyconomics.com/searchbase/fles5.html
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| | Bruce Bartlett Opinion Editorial: What Caused The '29 Crash And Great Depression? |
| | Also, Smoot-Hawley was substantially undercut by the Reciprocal Trade Agreements Act of 1934. | | | Although this is true, much of the legislative activity took place in 1929. | | | In a speech on November 11, 1929, Kent said, "As soon as dealers in securities, who were constantly on the watch for indications as to business conditions, realized that this feeling of uneasiness (on account of the tariff bill) was spreading throughout industry, they began selling stocks." |
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http://www.ncpa.org/oped/bartlett/oct2999.html
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| | Smoot-Hawley Tariff |
| | Calls for increased protection flooded in from industrial sector special interest groups and soon a bill meant to provide relief for farmers became a means to raise tariffs in all sectors of the economy. | | | It provoked a storm of foreign retaliatory measures and came to stand as a symbol of the ‘beggar-thy-neighbor’ policies (policies designed to improve one’s own lot at the expense of that of others) of the 1930s. | | | The United States generally assumed the mantle of champion of freer international trade, as evidenced by its support for the General Agreement on Tariffs and Trade (GATT), the North American Free Trade Agreement (NAFTA), and the World Trade Organization (WTO). |
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http://www.state.gov/r/pa/ho/time/id/17606.htm
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| | Courting Infamy |
| | Calls for increased protection flooded in...soon, a bill meant to provide relief for farmers became a means to raise tariffs in all sectors of the economy." | | | Smoot and Hawley were merely playing a bad hand as best they could...a hand they were dealt through the gross incompetence of the Federal Reserve. | | | Charles Schumer, a New York Democrat, and Lindsey Graham, a South Carolina Republican, to impose a 27.5% tariff on all Chinese products entering the United States if Beijing doesn't agree to raise the value of its currency. |
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http://www.whiskeyandgunpowder.com/Archives/20050414.html
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| | Southern Economic Journal: Investment during the great depression: uncertainty and the role of the Smoot-Hawley ... |
| | Southern Economic Journal; 4/1/1998; Feldman, David H. The Smoot-Hawley tariff approved on June 14, 1930 discouraged business expansion because it restricted the activities of companies involved in imports and exports. | | | Southern Economic Journal: Investment during the great depression: uncertainty and the role of the Smoot-Hawley tariff.@ HighBeam Research | | | An initial move to protect agricultural products was expanded to include commercial items further decreasing the demand for foreign goods. |
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http://highbeam.com/library/doc0.asp?DOCID=1G1:20916035&...
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| | EconPapers: Log-Rolling and Economic Interests in the Passage of the Smoot-Hawley Tariff |
| | We estimate a logit model of specific tariff votes that permits us to identify (a) important influences of specific producer beneficiaries in each Senator's constituency and (b) log- rolling coalitions among Senators with otherwise unrelated constituency interests which succeeded in raising tariff rates. | | | Abstract: We analyze Senate roll-call votes concerning tariffs on specific goods in order to understand the economic and political factors influencing the passage of the Smoot-Hawley Tariff Act of 1930. | | | Log-Rolling and Economic Interests in the Passage of the Smoot-Hawley Tariff |
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http://econpapers.repec.org/paper/nbrnberwo/5510.htm
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| | NCPA - Trade Issues - What Caused The '29 Crash And Great Depression? |
| | However, much of the legislative activity took place in 1929, and markets quickly capitalize any policy that will affect future profits. | | | Economist Douglas Irwin argues that because many of the tariff increases were specific monetary amounts, deflation had the effect of increasing their real effect by 30 percent. | | | He concludes that Smoot-Hawley was responsible for at least 40 percent of the decline in imports after 1930. |
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http://www.ncpa.org/pd/trade/pd102999a.html
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| | SSRN-The Smoot-Hawley Tariff: A Quantitative Assessment by Douglas Irwin |
| | SSRN-The Smoot-Hawley Tariff: A Quantitative Assessment by Douglas Irwin | | | Irwin, Douglas A., "The Smoot-Hawley Tariff: A Quantitative Assessment" (March 1996). | | | To what extent can this collapse of trade be attributed to the tariff itself versus other factors such as declining income or foreign retaliation? |
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http://papers.ssrn.com/sol3/papers.cfm?abstract_id=4916
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| | Encyclopædia Britannica |
| | Topic: Smoot–Hawley Tariff Act, or Hawley–Smoot Tariff Act, or United States Tariff Act (1930, U.S.) |
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http://www.britannica.com/eb/topic?idxStructId=550096&type=13
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| | [No title] |
| | It was the Hawley-Smoot tariff, a 1930 protectionist bill that placed a duty of about 60 percent on imported goods. | | | Aimed at alleviating the Depression, the tariff instead sparked a trade war and worsened economic conditions in the U.S. and Europe. |
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http://www.usahistory.com/trivia/historical/hf17d.htm
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| | EH.R: FORUM: The Great Depression |
| | tariffs due to Smoot-Hawley, and concludes that the increases in real tariff | | | >Smoot-Hawley tariff was such an important factor in |
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http://www.eh.net/lists/archives/eh.res/feb-1997/0020.php
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