“Tariff Act Fails” examines the Smoot-Hawley Tariff Act of 1930 and its role in exacerbating the Great Depression. This book argues that the Act, intended to protect the American economy through protectionism, instead triggered a cascade of retaliatory tariffs from other nations. One intriguing insight is the detailed analysis of how lobbying efforts and political compromises shaped the Act's passage, revealing the complex interplay of economic and political forces. The book also highlights the immediate negative impacts on specific sectors, demonstrating how international trade was severely disrupted and global economic crisis was deepened.
The book progresses by first setting the historical and political stage before delving into the immediate economic impact on the US and its trading partners. It then explores the long-term consequences for global trade relations. By using archival data and trade statistics, the author provides a nuanced picture of the Act's impact and offers valuable insights into the perils of economic nationalism. This approach bridges economics and history, making it valuable for students, policymakers, and anyone interested in the historical roots of contemporary trade debates.
