Tuesday, February 17, 2009

"Most of the pundits, historians and economists who debate the Great Depression agree about one thing..."

"...Whatever may have caused the crisis, protectionism, trade barriers and, yes, the Smoot-Hawley Tariff Act, helped to ensure that it lasted as long as it did. So uncontroversial is this view that it is virtually U.S. government policy. "To this day," intones a State Department Web site, "the phrase 'Smoot-Hawley' remains a watchword for the perils of protectionism."

The Philippines was briefly mentioned too in that Anne Applebaum column.

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