Smoot-Hawley
Depression-era protectionism
Smoot-Hawley refers to the Tariff Act of 1930, named for its congressional sponsors, which raised import duties to historic highs and is widely blamed for deepening the Great Depression by triggering retaliatory tariffs worldwide.
The term now functions as shorthand for protectionist trade policy gone wrong: Economists warn this could be another Smoot-Hawley.
Shielding local producers
- tariffTax on traded goods
- trade warRetaliatory economic hostilities
- retaliationPunitive response to injury
- depressionProlonged low state
recession · contraction · unemployment · prices · inflation · exports · imports · decline
Tax on traded goods
- protectionismShielding local producers
- actDeed or performance
- billAmount owed, written
- CongressU.S. lawmaking body
1930 · duties · import · trade barrier · quota · customs · legislation · rates
Retaliatory economic hostilities
- retaliationPunitive response to injury
- unintended consequencesUnanticipated outcomes of actions
- economic nationalismFavoring domestic over foreign commerce
- lessonUnit of teaching
warning · blunder · mistake · backfire · escalation · tit-for-tat · isolationism · counterproductive
1930s global economic crisis
- 1930sFourth decade, twentieth century
- HooverAmerican surname of note
- RepublicanGOP party member
- interwarBetween major conflicts
Black Tuesday · stock market crash · Dust Bowl · New Deal · isolationism · economic crisis · Wall Street · bank failures
American surname of note
- senatorUpper chamber member
- congressmanHouse of Representatives member
- UtahBeehive State, western region
- OregonNorthwestern U.S. state
Republican · sponsor · author · proponent · signatory · lobbyist · industrialist · opposition
protectionism
Shielding local producers
- tariffTax on traded goods
- trade warRetaliatory economic hostilities
- retaliationPunitive response to injury
depression · recession · contraction · unemployment · prices · inflation · exports · imports · decline · GDP
tariff
Tax on traded goods
- protectionismShielding local producers
- actDeed or performance
- billAmount owed, written
Congress · 1930 · duties · import · trade barrier · quota · customs · legislation · rates · schedule
trade war
Retaliatory economic hostilities
- retaliationPunitive response to injury
- unintended consequencesUnanticipated outcomes of actions
- economic nationalismFavoring domestic over foreign commerce
lesson · warning · blunder · mistake · backfire · escalation · tit-for-tat · isolationism · counterproductive
Great Depression
1930s global economic crisis
- 1930sFourth decade, twentieth century
- HooverAmerican surname of note
- RepublicanGOP party member
interwar · Black Tuesday · stock market crash · Dust Bowl · New Deal · isolationism · economic crisis · Wall Street · bank failures · unemployment
Hoover
American surname of note
- senatorUpper chamber member
- congressmanHouse of Representatives member
- UtahBeehive State, western region
Oregon · Republican · sponsor · author · proponent · signatory · lobbyist · industrialist · opposition
- tariffstariff, customs duty, import duty, tariff rates, import tax
Smoot-Hawleyfree trade
Unrestricted international exchange
NAFTA · GATT · WTO · tariff reduction · open markets
Smoot-Hawleyglobalization
Worldwide economic and cultural integration
laissez-faire · comparative advantage · open borders · neoliberalism · Washington Consensus