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	Smoot-Hawley Tariff Act - Wikipedia, the free encyclopedia
		The act was championed by Senator Reed Smoot, a Republican from Utah, and Representative Willis C. Hawley, a Republican from Oregon.
		Although the tariff act was passed after the Stock Market Crash of 1929, many economic historians consider it a factor in deepening the Great Depression.
		A revenue-generating tariff can be beneficial to an individual domestic economy, if other countries do not respond with tariffs of their own.
	en.wikipedia.org /wiki/Smoot-Hawley_Tariff (572 words)

	EH.Net Encyclopedia: Smoot-Hawley Tariff
		The Smoot-Hawley Tariff of 1930 was the subject of enormous controversy at the time of its passage and remains one of the most notorious pieces of legislation in the history of the United States.
		Although the popular view is that tariffs create new jobs, or preserve old ones, most economists believe that the effect of tariffs on the total number of jobs available in an economy is temporary.
		The overall level of employment in an economy is determined by such factors as the size of the population, the fraction of the population that is of working age, and the choices individuals make with respect to engaging in paid labor as opposed to unpaid labor or leisure.
	eh.net /encyclopedia/article/obrien.hawley-smoot.tariff (3465 words)

	SMOOT HAWLEY TERRIFF
		The high tariff of international trade was one of the major contributors to the depression.
		The Smoot-Hawley Tariff was created by the Republican Party in the late 20s.The tariff acquired that name because of the union support by Representative Willis C. Hawley and Senator Reed Smoot.
		The tariff was the result of the continual complaints by domestic farmers and the need to protect the domestic farmers against competition from foreign imports.
	userpages.umbc.edu /~nata1/smoot_hawley_terriff.htm (493 words)

	Hawley-Smoot Tariff Act. The Columbia Encyclopedia, Sixth Edition. 2001-05
		A congressional joint committee, however, in compromising the differences between a high Senate tariff bill and a higher House tariff bill, arrived at new high rates by generally adopting the increased rates of the Senate on farm products and those of the House on manufactures.
		Despite wide protest, the tariff act, called the Hawley-Smoot Tariff Act because of its joint sponsorship by Representative Willis C. Hawley and Senator Reed Smoot, both Republicans, was signed (June, 1930) by President Hoover.
		The act brought retaliatory tariff acts from foreign countries, U.S. foreign trade suffered a sharp decline, and the depression intensified.
	www.bartleby.com /65/ha/HawleySm.html (200 words)

	Buchanan on the history of US protectionism
		In 1842, tariffs were again raised; but by 1846 they were moving downward, and further lowered in 1857.
		Nearly every industrial tariff was first imposed as an infant-industry tariff under the promise that in a few years, when the industry had grown sufficiently to face foreign competition, it would be removed.
		It is also important to note that the adverse effects of tariffs in 19th century America were more than offset by the economic activity that constituted the western expansion across the continent.
	www.freetrade.org /new/buch1.html (1797 words)

	Encyclopedia: Smoot-Hawley Tariff Act (Site not responding. Last check: 2007-11-07)
		A tariff is a political act, sometimes known as the customs duty.
		General Agreement on Tariffs and Trade (usually abbreviated GATT) functions as the foundation of the WTO trading system, and remains in force, although the 1995 Agreement contains an updated version of it to replace the original 1947 one.
		In comedy, mention of the Tariff is occassionally made when reference to a notably obscure event from American history is needed.
	www.nationmaster.com /encyclopedia/Smoot_Hawley-Tariff-Act (1482 words)

	Smoot-Hawley Tariff
		When the dust had settled, Congress had agreed to tariff levels that exceeded the already high rates established by the 1922 Fordney-McCumber Act and represented among the most protectionist tariffs in U.S. history.
		The Smoot-Hawley Tariff was more a consequence of the onset of the Great Depression than an initial cause.
		The Smoot-Hawley tariff represents the high-water mark of U.S. protectionism in the twentieth century.
	www.state.gov /r/pa/ho/time/id/17606.htm (563 words)

	WHAT ROLE DID THE SMOOT-HAWLEY TARIFF PLAY (Site not responding. Last check: 2007-11-07)
		Soon all nations were raising tariffs and rushing behind the walls of protectionism.
		The Smoot-Hawley tariff was partially offset by a $160 million tax cut in the same year, which went entirely to the rich.
		The tariff was also partially offset by the money saved by Americans no longer investing in or loaning to Europe.
	mirrors.korpios.org /resurgent/SmootHawley.htm (796 words)

	How Americans Can Buy American
		Regardless of how one calculates tariff rates, as either a percentage of imports where tariffs are applied or as a percentage of all imports, duty-free or not, the Smoot-Hawley tariff did not have the highest rates in U.S. history.
		In their attempts to vilify Senator Smoot and Representative Hawley for proposing such extremely high tariff rates, many politicians, economists, and textbook writers seem to miss the fact that the 59.1 percent tariff rate only applied to one-third of all imports in 1932.
		The reason the tariff was determined to be at such a falsely high level is because over 50 percent of imports were tariffed at a fixed rate.
	www.howtobuyamerican.com /simmermaker/ba-0012-smoothawley.shtml (2762 words)

	75th Anniversary of Smoot-Hawley Tariff Act (Site not responding. Last check: 2007-11-07)
		But it was one thing to impose tariffs when the U.S. was a small debtor nation (and much of the tariff revenue was used to pay off the public debt, which in turn meant a decrease in future domestic tax liabilities).
		There was plenty of opposition to higher tariffs, though, and the market soon continued its upward climb, reaching 300 by year’s end and continuing to climb until March 23, 1929, when real trouble began.
		The tariff hearings were under way, Hoover had been inaugurated March 4 and on March 24, a Sunday, the world got bad news on page 2 of The New York Times: Senator Jack Watson, the Republican Senate leader, predicted in an interview that it would be difficult to limit tariff increases to agricultural products.
	www.theconservativevoice.com /modules/news/article.php?storyid=6357 (3044 words)

	Smoot-Hawley Tariff Act -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-11-07)
		President (31st President of the United States; in 1929 the stock market crashed and the economy collapsed and Hoover was defeated for re-election by Franklin Roosevelt (1874-1964)) Herbert Hoover had asked Congress for a downward revision in rates, but (The legislature of the United States government) U.S. Congress raised rates instead.
		As nations resorted to (The policy of imposing duties or quotas on imports in order to protect home industries from overseas competition) protectionism, the general amount of international trade decreased, causing the world economy to slow.
		A (The entire amount of income before any deductions are made) revenue-generating tariff can be beneficial to an economy, if other countries do not respond with tariffs of their own.
	www.absoluteastronomy.com /encyclopedia/s/sm/smoot-hawley_tariff_act1.htm (488 words)

	Courting Infamy (Site not responding. Last check: 2007-11-07)
		Smoot and Hawley were merely playing a bad hand as best they could...a hand they were dealt through the gross incompetence of the Federal Reserve.
		This was the woefully anemic backdrop from which Sen. Smoot and Rep. Hawley strode forth, possessed by that ever-present political itch to "do something" when constituents are howling.
		Oblivious to the Fed's bad medicine, they laid the blame at the feet of foreigners...and the Smoot-Hawley Tariff Act of 1930 was born.
	www.whiskeyandgunpowder.com /Archives/20050414.html (2486 words)

	Part III, Karl Marx Revisited: A Fluid Society
		He would have easily understood that the forces of protectionism behind the Smoot-Hawley tariff were responsible for the Crash and the Great Depression.
		These were the new oligarchs, at the top of the world, now eager to close off competition, bringing to bear on Washington their great political weight for the sole purpose of impeding the historic, global forces of production.
		Taxation of either business profit or an increase in the value of capital assets (a capital gain) are dealt with in static, linear fashion, as if the risk-taker is largely unaffected by variations in reward.
	www.polyconomics.com /searchbase/km3.htm (1411 words)

	Educate Yourself - Smoot-Hawley (Site not responding. Last check: 2007-11-07)
		As for Hoover, he was determined to raise tariffs and by June 1930, when a delegation of bishops and bankers paid him a visit to ask for more public works projects amidst a tumbling economy, the President told them, "Gentlemen, you have come sixty days too late.
		The promise by the President that complaints from foreign countries that duties have been fixed unduly high will be remedied by the Tariff Commission is likely to unsettle conditions and disturb the peace of mind of those who believe they have won a victory in the passage of the bill.
		Influential journalist Walter Lippman weighed in on Smoot- Hawley.
	www.buyandhold.com /bh/en/education/history/2002/smoot_hawley.html (1622 words)

	America's Great Depression - Causes and Cures
		Except for minor adjustments, and the temporary suspensions of gold payments during wartimes, the price of gold was held standard from the establishment of the new United States of America in 1791 until gold was revalued in 1933.
		In 1988, the Council of Economic Advisors proclaimed that the Smoot Hawley Tariff Act was "probably one of the most damaging pieces of legislation ever signed in the United States." The act was passed in June of 1930 and increased tariffs to a tax of 50 percent on goods imported into the United States.
		Enacting the tariff was exactly the wrong thing to do and about 1,000 economists signed a petition begging Congress not to pass it.
	www.amatecon.com /gd/gdcandc.html (1657 words)

	Bruce Bartlett Opinion Editorial: What Caused The '29 Crash And Great Depression?
		The reason why the market crashed well in advance of the tariff becoming law is because markets are forward-looking, and quickly capitalize any policy that will impact on future profits.
		Irwin, whose research appears in the Review of Economics and Statistics (May 1998), argues that because many of the tariff increases were specific monetary amounts, deflation had the effect of increasing their real effect by 30 percent.
		After all, the Fordney-McCumber Tariff of 1922 was as large as Smoot-Hawley without having any significant impact on economic growth.
	www.ncpa.org /oped/bartlett/oct2999.html (1235 words)

	Unhappy Birthday Hawley-Smoot by Thomas Sowell -- Capitalism Magazine (Site not responding. Last check: 2007-11-07)
		The Hawley-Smoot bill raised American tariffs to record high levels, in an attempt to protect existing jobs and in hopes of helping the unemployed find work producing things that the United States had previously been importing from other countries.
		Many businesses were in favor of the new tariffs, hoping to retain or expand their markets, and farmers were especially big supporters of the Hawley-Smoot tariffs.
		If 9 percent unemployment was troublesome in 1930, when the Hawley-Smoot tariff was passed, it was nothing compared to the 16 percent unemployment the next year and the 25 percent unemployment two years after that.
	www.capmag.com /article.asp?ID=4258 (844 words)

	A Moment In Time with Dan Roberts
		It can be a simple tariff, the government taxes imports to pay its bills, or it can be a protective tariff.
		This was the largest tariff in American history and raised import taxes to an average of forty percent.
		While the consequences of the Smoot-Hawley Tariff have been a subject of dispute, few would deny that it stimulated a cascade of retaliatory tariffs by foreign governments, which made it very hard for American businessmen and farmers to sell goods overseas.
	www.amomentintime.com /transcript.asp?AMIT_ID=1243 (347 words)

	Supply-side Fall Lesson 5: Re: Questions and Answers
		When Smoot-Hawley passed, the tariff wall caused goods destined for the rest of the world (ROW) to pile up on our side of the wall and goods from the ROW to pile up on the other side of the wall.
		Then, it was multiplied as Hoover raised tax rates in order to balance the budget, as revenues had fallen sharply, principally because of the decline in tariff revenues.
		There had to be people who knew conceptually why the market would have to fall with a higher tariff wall who would sell as the chances of the tariff passing would rise, or who at least would withdraw offers to buy.
	www.polyconomics.com /searchbase/fles5.html (3490 words)

	Hawley-Smoot Tariff
		Action had been taken on the tariff in 1922 by the Harding administration (see Fordney-McCumber Tariff), but special interests were clamoring for a new law when Herbert Hoover took office.
		Senate consideration was led by Reed Smoot, the Finance Committee chairman from Utah, who succeeded in deleting some of the most egregious protectionist features, but still produced a bill warmly greeted by American manufacturers and farmers.
		The Hawley-Smoot Tariff established some of the highest rates in American history, raising, for example, average agricultural rates from 38 percent under Fordney to 49 percent.
	www.u-s-history.com /pages/h1519.html (405 words)

	SSRN-The Smoot-Hawley Tariff: A Quantitative Assessment by Douglas Irwin
		In the two years after the imposition of the Smoot-Hawley tariff in June 1930, the volume of U.S. imports fell over 40 percent.
		Partial and general equilibrium assessments indicate that the Smoot-Hawley tariff itself reduced imports by 4-8 percent (ceteris paribus), although the combination of specific duties and deflation further raised the effective tariff and reduced imports an additional 8-10 percent.
		Irwin, Douglas A., "The Smoot-Hawley Tariff: A Quantitative Assessment" (March 1996).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=4916 (379 words)

	Reed Smoot
		Smoot, a conservative Republican, joined the “irreconcilables” in opposing the League of Nations and was one of the group that worked for Warren G. Harding's nomination (1920).
		Reed SMOOT - SMOOT, Reed (1862—1941) Senate Years of Service: 1903-1933 Party: Republican SMOOT, Reed, a...
		Hawley-Smoot Tariff Act - Hawley-Smoot Tariff Act, 1930, passed by the U.S. Congress; it brought the U.S. tariff to the...
	www.infoplease.com /ce6/people/A0845662.html (287 words)

	practice.html
		Their only options are to devalue their currency (making their products cheaper), or to cover the imbalance of payments in gold (not good for any nation).
		The Smoot-Hawley tariff was one of the highest in our nation's history.
		And without US loans or lower tariff, the world could not buy US goods, forcing US businesses to cut production and layoff workers.
	ppl.nhmccd.edu /~craigl/25.html (1335 words)

	Hawley-Smoot Tariff : Hawley-Smoot tariff (Site not responding. Last check: 2007-11-07)
		The Hawley-Smoot Tariff Act of 1930 raised US tariffs on over 20,000 dutiable items to record levels and protracted the Great Depression.
		President Herbert Hoover had asked Congress for a downward revision in rates, but Congress raised rates.
		Many economic historians consider this a major precipitating factor of the Great Depression which ensued.
	www.city-search.org /ha/hawley-smoot-tariff.html (382 words)

	Southern Economic Journal: Investment during the great depression: uncertainty and the role of the Smoot-Hawley ... (Site not responding. Last check: 2007-11-07)
		Southern Economic Journal: Investment during the great depression: uncertainty and the role of the Smoot-Hawley tariff.@ HighBeam Research
		Southern Economic Journal; 4/1/1998; Feldman, David H. The Smoot-Hawley tariff approved on June 14, 1930 discouraged business expansion because it restricted the activities of companies involved in imports and exports.
		An initial move to protect agricultural products was expanded to include commercial items further decreasing the demand for foreign goods.
	highbeam.com /library/doc0.asp?DOCID=1G1:20916035&... (202 words)

	EconPapers: Log-Rolling and Economic Interests in the Passage of the Smoot-Hawley Tariff
		Abstract: We analyze Senate roll-call votes concerning tariffs on specific goods in order to understand the economic and political factors influencing the passage of the Smoot-Hawley Tariff Act of 1930.
		Contrary to recent studies emphasizing the partisan nature of the Congressional votes, our reading of the debates in the Congressional Record suggests that the final, party-line voting masks a rich vote- trading dynamic.
		We estimate a logit model of specific tariff votes that permits us to identify (a) important influences of specific producer beneficiaries in each Senator's constituency and (b) log- rolling coalitions among Senators with otherwise unrelated constituency interests which succeeded in raising tariff rates.
	econpapers.repec.org /paper/nbrnberwo/5510.htm (306 words)

	NCPA - Trade Issues - What Caused The '29 Crash And Great Depression? (Site not responding. Last check: 2007-11-07)
		However, much of the legislative activity took place in 1929, and markets quickly capitalize any policy that will affect future profits.
		Economist Douglas Irwin argues that because many of the tariff increases were specific monetary amounts, deflation had the effect of increasing their real effect by 30 percent.
		He concludes that Smoot-Hawley was responsible for at least 40 percent of the decline in imports after 1930.
	www.ncpa.org /pd/trade/pd102999a.html (364 words)

	Hawley-Smoot Tariff Act
		More on Hawley-Smoot Tariff Act from Fact Monster:
		Reed Smoot - Smoot, Reed, 1862–1941, U.S. Senator (1903–33), b.
		tariff: History - History Evolution of Tariffs Tariffs have been used by governments since ancient times, although...
	www.factmonster.com /ce6/history/A0823033.html (240 words)

	AllRefer.com - Hawley-Smoot Tariff Act (U.S. History) - Encyclopedia
		AllRefer.com - Hawley-Smoot Tariff Act (U.S. History) - Encyclopedia
		Hawley-Smoot Tariff Act, 1930, passed by the U.S. Congress; it brought the U.S. tariff to the highest protective level yet in the history of the United States.
		More articles from AllRefer Reference on Hawley-Smoot Tariff Act
	reference.allrefer.com /encyclopedia/H/HawleySm.html (262 words)

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