Peddling Protectionism: Smoot-Hawley and the Great Depression

By Douglas A. Irwin | Go to book overview

Chapter 4
Aftermath and Legacy

THE DEBATE OVER the Smoot-Hawley tariff did not end in June 1930. Leading newspapers, Congressional Democrats, business leaders, and economists continued to criticize it long after its passage. In widely reported comments at a November 1930 conference, Thomas W. Lamont (1931, 92–93) complained that:

we have complicated this situation of ours …
by hanging the load of a new tariff act around
our own necks. The increased rates have cer-
tainly led to a certain feeling of dismay and
ill-will abroad and to some retaliatory tariffs.
They have probably also caused some harm
both to home trade and to our international
commerce, because of the uncertainties and
dislocations which they have created. It would
be easy to magnify the ill results of the new

-184-

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Peddling Protectionism: Smoot-Hawley and the Great Depression
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Introduction 1
  • Chapter 1 - Domestic Politics 11
  • Chapter 2 - Economic Consequences 101
  • Chapter 3 - Foreign Retaliation 144
  • Chapter 4 - Aftermath and Legacy 184
  • Appendix - The Economists' Statement against the Smoot-Hawley Tariff 222
  • Acknowledgments 227
  • References 229
  • Index 239
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