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…I wonder how many non-Boomers/non-Gen-Xers even recognize the Smoot-Hawley tariffs and how they exacerbated the Great Depression?
https://www.msn.com/en-us/news/politics/ar-BB1mCsbd
A petition signed by 1,000+ economists considered it a disaster, Henry Ford tried to get Hoover to veto it. Before it became law, 23 trading partner countries boycotted American products. It drove our closest trade partner, Canada, closer to the British Commonwealth countries and away from the USA.
On the other hand, economists as diverse as Krugman and Friedman both stated that Smoot-Hawley didn’t exacerbate or prolong the Great Depression.
Audaces fortuna iuvat
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It is true that Friedman attributed greater culpability for the economic collapse to incomprehensible mismanagement by the Fed. It is untrue that he perceived little role for this atrocious legislation in the damage that was caused. I recommend Amity Shlaes “The Forgotten Man”
And Mick, I think you should be punished severely for even mentioning Krugman’s name in proximity to that of Friedman. Krugman is an unprincipled hack and has succeeded in damaging any credibility the field of economics possesses.
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Krugman is not only an unprincipled hack, he reverses himself regularly depending up on his audience — witness his reversal on the impact of undocumented workers on wages.
I know he’s a hack. I was being ironical, and for the umpteenth time I need to remind myself that irony is best communicated in person, preferably over drinks…
Audaces fortuna iuvat
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