In the mid 30’s, Congress passed a bill called the Hawley-Smoot tariff bill that increased tariffs on imported goods. Many economists argue this caused the economy to fall back into recession in 1937. The consequences of this bill are important to remember as the protectionism drumbeat continues in the current election cycle.
The article is written by John Gordon Steele who also wrote ‘An Empire of Wealth: The Epic History of American Economic Power’. This is a wonderful book that outlines the business history of our country and reminds us of the fundamental strength of our economy and country. It is worth reading if you could use perspective on the current economic affairs of the country and world.
Read More Article The Great Mistake from Barron's.