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The Smoot Hawley Tariff Act Revisited
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Book Synopsis The Smoot-Hawley Tariff Act Revisited by : Bernard C. Beaudreau
Download or read book The Smoot-Hawley Tariff Act Revisited written by Bernard C. Beaudreau and published by Cambridge Scholars Publishing. This book was released on 2020-02-28 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Smoot-Hawley Tariff Act of 1930 remains one of the most enigmatic pieces of legislation in the 20th century. Held by some to have caused the Great Depression, and by others to have worsened it, the Act’s underlying motives continue to be the subject of vigorous debate. For example, Dartmouth College economic historian and trade expert Douglas Irwin pointed to a political ploy on the part of the Republican Party to avert electoral defeat in 1928 by the Mid-West farm lobby. This book presents an alternative view, based in large measure on recently published studies. It is argued that the Smoot-Hawley Tariff Act should be understood as the Republican Party’s attempt at closing a widening output gap in the US, resulting from the widespread adoption of a new power transmission technology in the form of electric unit drive (EUD). Electric unit drive, by providing the wherewithal to increase machine speed considerably, resulted in productivity gains in the 40-100 percent range. Existing plant and equipment was now vastly more productive as a result of greater machine speeds. The book consists of six papers, five of which were previously published.
Book Synopsis Making Sense of Smoot-Hawley by : Bernard Beaudreau
Download or read book Making Sense of Smoot-Hawley written by Bernard Beaudreau and published by iUniverse. This book was released on 2005-12 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: Three-quarters of a century after its enactment, the Smoot-Hawley Tariff Act remains an enigma. Either U.S. policymakers were grossly mistaken or we have missed something. Could there have been a method to their apparent madness? Could the upward tariff revision have made sense, however little? This book, based on the author's earlier work on Mass Production and the Great Depression, offers an alternative interpretation of the Smoot-Hawley Tariff Act of 1930, namely as a response on the part of U.S. policymakers to the problem of underincome, itself the result of the massive technology shock that was electrification and the ensuing extremely-high-throughput, continuous-flow production techniques pioneered at the Ford Motor Company at its Highland Park plant. Productive capacity increased faster than income and expenditure, opening the gap that Reed Smoot, Willis C. Hawley, and the Republican Party set out to close via a generalized upward tariff revision.
Book Synopsis Economic and Political Forces Shaping the Smoot-Hawley Tariff Act of 1930 by : Elden Elmer Liechty
Download or read book Economic and Political Forces Shaping the Smoot-Hawley Tariff Act of 1930 written by Elden Elmer Liechty and published by . This book was released on 1972 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Rate and Direction of Inventive Activity Revisited by : Josh Lerner
Download or read book The Rate and Direction of Inventive Activity Revisited written by Josh Lerner and published by University of Chicago Press. This book was released on 2012-04-15 with total page 715 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume offers contributions to questions relating to the economics of innovation and technological change. Central to the development of new technologies are institutional environments and among the topics discussed are the roles played by universities and the ways in which the allocation of funds affects innovation.
Book Synopsis Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump by : Joseph E. Stiglitz
Download or read book Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump written by Joseph E. Stiglitz and published by W. W. Norton & Company. This book was released on 2017-11-28 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: An International Bestseller "Accessible, provocative, and highly readable." —Alan Cowell, New York Times In this crucial expansion and update of his landmark bestseller, renowned economist and Nobel Prize winner Joseph E. Stiglitz addresses globalization’s new discontents in the United States and Europe. Immediately upon publication, Globalization and Its Discontents became a touchstone in the globalization debate by demonstrating how the International Monetary Fund, other major institutions like the World Bank, and global trade agreements have often harmed the developing nations they are supposedly helping. Yet globalization today continues to be mismanaged, and now the harms—exemplified by the rampant inequality to which it has contributed—have come home to roost in the United States and the rest of the developed world as well, reflected in growing political unrest. With a new introduction, major new chapters on the new discontents, the rise of Donald Trump, and the new protectionist movement, as well as a new afterword on the course of globalization since the book first appeared, Stiglitz’s powerful and prescient messages remain essential reading.
Book Synopsis The Past is a Foreign Country - Revisited by : David Lowenthal
Download or read book The Past is a Foreign Country - Revisited written by David Lowenthal and published by Cambridge University Press. This book was released on 2015-10 with total page 679 pages. Available in PDF, EPUB and Kindle. Book excerpt: A completely updated new edition of David Lowenthal's classic account of how we reshape the past to serve present needs.
Download or read book Trading Blows written by James Shoch and published by Univ of North Carolina Press. This book was released on 2001 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the past two decades, trade policy has been high on the American political agenda, thanks to the growing integration of the United States into the global economy and the wealth of debate this development has sparked. Although scholars have explored ma
Book Synopsis The Great Depression Revisited by : K. Brunner
Download or read book The Great Depression Revisited written by K. Brunner and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 367 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fateful days of the great stock market crash entered modem history almost 50 years ago to this day. The cyclic turning point of the U. S. economy oc curred, however, around June 1929, and economic activity receded substantial ly over the subsequent months. The onset of an economic downswing thus became clearly visible before the famous crash. But the October event stays in the public's mind as the symbol of the Great Depression. For nearly four years, until the spring of 1933, the U. S. economy plunged into a deep reces sion. Activity declined, prices fell, and there emerged a massive unemploy ment problem. The economy ultimately overcame this shock in 1933. Prices rose rapidly in spite of substantial margins of unusual resources. Activity ex panded, but occasionally at a somewhat hesitant rate. The expansion, however, was interrupted by another recession of major proportions during 1937-38. The tragic sequence of events shaped public consciousness and influenced new approaches and views in economic policymaking. The activist approach to "stabilization policy" and a wide range of regulatory policies were essentially justified in terms of this experience. These policies were crucially influenced by our understanding and interpretation of the Great Depression. The view of a radically unstable economic process perennially on the edge of serious collapse gained wide popularity and became a central element of the Keynesian tradi- 2 INTRODUCTION tion. It encouraged, with supplementary interpretations, an interventionist and expanding role of the government in our economic affairs.
Book Synopsis Peddling Protectionism by : Douglas A. Irwin
Download or read book Peddling Protectionism written by Douglas A. Irwin and published by Princeton University Press. This book was released on 2017-10-24 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Smoot-Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America's most infamous trade law. It is often associated with--and sometimes blamed for--the onset of the Great Depression, the collapse of world trade, and the global spread of protectionism in the 1930s. Even today, the ghosts of congressmen Reed Smoot and Willis Hawley haunt anyone arguing for higher trade barriers; almost single-handedly, they made protectionism an insult rather than a compliment. In Peddling Protectionism, Douglas Irwin provides the first comprehensive history of the causes and effects of this notorious measure, explaining why it largely deserves its reputation for combining bad politics and bad economics and harming the U.S. and world economies during the Depression. In four brief, clear chapters, Irwin presents an authoritative account of the politics behind Smoot-Hawley, its economic consequences, the foreign reaction it provoked, and its aftermath and legacy. Starting as a Republican ploy to win the farm vote in the 1928 election by increasing duties on agricultural imports, the tariff quickly grew into a logrolling, pork barrel free-for-all in which duties were increased all around, regardless of the interests of consumers and exporters. After Herbert Hoover signed the bill, U.S. imports fell sharply and other countries retaliated by increasing tariffs on American goods, leading U.S. exports to shrivel as well. While Smoot-Hawley was hardly responsible for the Great Depression, Irwin argues, it contributed to a decline in world trade and provoked discrimination against U.S. exports that lasted decades. Featuring a new preface by the author, Peddling Protectionism tells a fascinating story filled with valuable lessons for trade policy today.
Book Synopsis The Roaring Twenties - Turning Up the Volume by : Bernard C. Beaudreau
Download or read book The Roaring Twenties - Turning Up the Volume written by Bernard C. Beaudreau and published by Lulu.com. This book was released on 2019-06 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this Volume, the various measures taken by successive Administrations to fully utilize the new-found potential are examined critically. These include the Smoot-Hawley Tariff Act of 1930, the National Industrial Recovery Act of 1933 and the National Labor Relations Act of 1935. The readings in this case consist of my own published work on the topic over the course of the past decade. The articles in question set out to do two things, namely situate the relevant policy measure in the appropriate historical context, namely the presence of output gaps, and second, evaluate the efficacy or wisdom of the proposed policy measures. For example, contrary to popular belief, the Smoot-Hawley Tariff Act was a response to growing excess-capacity-related stagnation in the form of unemployment. Evidence is presented which shows that the output gaps referred to above were clearly on the minds of Ranking Republicans at the Kansas City National Convention in June 1928.
Book Synopsis Research in Economic History by : Christopher Hanes
Download or read book Research in Economic History written by Christopher Hanes and published by Emerald Group Publishing. This book was released on 2017-08-15 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 33 contains articles on the economic history of Europe, America and Asia and brings new analysis, and newly created datasets to address issues of interest. Two papers focus on the US and contribute to our understanding of the Great Depression.
Book Synopsis Revisiting the Twentieth Century by : Fred Metcalfe
Download or read book Revisiting the Twentieth Century written by Fred Metcalfe and published by iUniverse. This book was released on 2001-03-22 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Revisiting the Twentieth Century, as the title suggests, is a collection of the author's experiences from his childhood in St. Paul, Minnesota, to those of him and his family before their move to New Jersey from North Carolina in 1955. The story covers amusing anecdotes he experienced in his student years, in a variety of summer laboring jobs, his early days with 3M in St. Paul, his bachelor life in New York, the courtship of his wife, their life in the High Point, NC and his job as salesman and sales manager. These anecdotes illustrate what life was like during this period which was marked by two shooting world wars, a depression and the threat of nuclear destruction. Against this background of international tumult, a great transformation in lifestyle occurred in the United States. At the beginning of the story, no one in his neighborhood has a car or a radio. Even the telephone and the record player were of recent origin. Families or churches took care of relatives and the poor went to the poorhouse . The work week was sixty hours and payment for over-time was unheard of. Unions were fighting to improve the working man's lot in life, but were in their infancy. Neighborhood interdependency disappeared as the automobile shrunk distances and people achieved greater mobility. The change in lifestyle that occurred in this brief period seem somewhat unique in our history.
Book Synopsis Clashing Over Commerce by : Douglas A. Irwin
Download or read book Clashing Over Commerce written by Douglas A. Irwin and published by University of Chicago Press. This book was released on 2017-11-29 with total page 873 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs
Book Synopsis The Political Economy of International Trade by : Jae Wan Chung
Download or read book The Political Economy of International Trade written by Jae Wan Chung and published by Lexington Books. This book was released on 2006 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: As both trade deficits and fiscal deficits steadily increased during the 1980s in the U.S., free trade has not stood without its share of suffering. Chung investigates American trade policy from the perspectives of U.S. trade laws and international trade agreements by outlining the primary trade laws of the past; considering the trade laws of the present; and delving into various trade agreements, disputes, and reforms.
Book Synopsis Order and Justice in International Relations by : Rosemary Foot
Download or read book Order and Justice in International Relations written by Rosemary Foot and published by OUP Oxford. This book was released on 2003 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work analyses the relationship between international order and justice in the study and practice of 20th and 21st century international relations. Particular attention is given to the topic of globalization.
Book Synopsis The Role of International Institutions in Globalisation by : John-ren Chen
Download or read book The Role of International Institutions in Globalisation written by John-ren Chen and published by Edward Elgar Publishing. This book was released on 2003-10-29 with total page 227 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an increasingly globalised world, it is becoming ever more difficult for nation states to adapt to the international consequences of market failures, government failures and global externalities without co-operation and co-ordination with other countries. In the absence of any form of world government, the most effective solution to this problem is either to create new international institutions, reform existing ones or work within the prevailing institutional framework.
Book Synopsis Great Depression, The: Its Origins In Acceleration And Electric Unit Drive by : Bernard C Beaudreau
Download or read book Great Depression, The: Its Origins In Acceleration And Electric Unit Drive written by Bernard C Beaudreau and published by World Scientific. This book was released on 2023-01-12 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is part of a new generation of work on the events of the 1920s and 1930s, one that provides a gestalt view of this period. As such, the many events that have until now been viewed as unrelated, are viewed as parts of a greater whole, namely the introduction of a new power drive technology in the form of electric unit drive and its effects. The Roaring Twenties, the spectacular growth of the 1920s, the Smoot-Hawley Tariff Act, the Stock Market Boom and Crash, the decline in investment expenditure, the ensuing depression and the National Industrial Recovery Act are all shown to be related.
