Smoot-Hawley Tariff Act

Smoot-Hawley Tariff Act - Factbites
Where results make sense
About us | Why use us? | Reviews | PR | Contact us

Topic: Smoot-Hawley Tariff Act

Note: these results are not from the primary (high quality) database.

In the News (Tue 29 Dec 09)

Northern Trust

Marvin Harrison

Peter Chernin

Gary Locke

Match Play

Penelope Cruz

Mickey Rourke

AR Rahman

Danny Boyle

Hugh Jackman

	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.
		In part as a result of the Hawley-Smoot Tariff and other countries' responses to it, the post-World War II world saw a push towards multilateral trading agreements that would prevent a similar situation from unfolding.
		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.
	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.
		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.
		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.
	eh.net /encyclopedia/article/obrien.hawley-smoot.tariff (3465 words)

	Courting Infamy
		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.
		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.
	www.whiskeyandgunpowder.com /Archives/20050414.html (2486 words)

	Smoot-Hawley Tariff
		The Smoot-Hawley tariff represents the high-water mark of U.S. protectionism in the twentieth century.
		The Smoot-Hawley Tariff was more a consequence of the onset of the Great Depression than an initial cause.
		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.
	www.state.gov /r/pa/ho/time/id/17606.htm (563 words)

	Buchanan on the history of US protectionism
		A recent analysis estimates that the Smoot-Hawley tariff, on average, doubled the tariffs over those in the Underwood Act.
		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.
		As early as 1832 Congress began to scale back tariffs with further reductions enacted the following year.
	www.freetrade.org /new/buch1.html (1797 words)

	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.
		Unemployment was at a troublesome 9 % in 1930, when the Smoot-Hawley tariff was passed, but it jumped to 16 % unemployment the next year and 25 % unemployment two years after that.
		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.
	en.wikipedia.org /wiki/Smoot-Hawley_Tariff (1026 words)

	75th Anniversary of Smoot-Hawley Tariff Act
		Over time, tariffs would, in essence, have the same inhibiting impact on investment and commerce as an increase in taxes.
		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).
		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)

	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.
		Marx can hardly be faulted, as it was not until 1907 that F.B. Hawley put forward the first satisfying and complete risk theory of profit in Enterprise and the Productive Process.
		In this analysis, "capital" is a legal property title which entitles its owner to appropriate whatever the wage-worker produced over and above the factor-costs of production.
	www.polyconomics.com /searchbase/km3.htm (1411 words)

	Labor Market Shocks
		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 Smoot-Hawley tariff was partially offset by a $160 million tax cut in the same year, which went entirely to the rich.
		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.
	www.fiu.edu /~thompsop/money/classical_model/labor_shocks.html (1130 words)

	America's Great Depression - Causes and Cures
		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.
		However, since the real effect of the increased tariffs was to increase prices and increase price rigidity, it is easy to see how the Act could have exacerbated the Depression.
	www.amatecon.com /gd/gdcandc.html (1657 words)

	hf17d.htm
		It was the Hawley-Smoot tariff, a 1930 protectionist bill that placed a duty of about 60 percent on imported goods.
		Aimed at alleviating the Depression, the tariff instead sparked a trade war and worsened economic conditions in the U.S. and Europe.
	www.usahistory.com /trivia/historical/hf17d.htm (41 words)

	How Americans Can Buy American
		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.
		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.
		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)

	A Moment in Time: The Smoot-Hawley Tariff
		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.
		This was the largest tariff in American history and raised import taxes to an average of forty percent.
		Democrats have traditionally believed that high tariffs were bad because 1) they raised the price of overseas goods and 2) damaged the prospects for our exports.
	ehistory.osu.edu /world/amit/display.cfm?amit_id=1243 (382 words)

	Bruce Bartlett Opinion Editorial: What Caused The '29 Crash And Great Depression?
		After all, the Fordney-McCumber Tariff of 1922 was as large as Smoot-Hawley without having any significant impact on economic growth.
		Also, Smoot-Hawley was substantially undercut by the Reciprocal Trade Agreements Act of 1934.
		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.
	www.ncpa.org /oped/bartlett/oct2999.html (1235 words)

	Unhappy Birthday Hawley-Smoot by Thomas Sowell -- Capitalism Magazine
		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.
		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.
	www.capmag.com /article.asp?ID=4258 (844 words)

	SSRN-The Smoot-Hawley Tariff: A Quantitative Assessment by Douglas Irwin
		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.
		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.
		Irwin, Douglas A., "The Smoot-Hawley Tariff: A Quantitative Assessment" (March 1996).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=4916 (379 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.
		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.
		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.
	www.polyconomics.com /searchbase/fles5.html (3490 words)

	Hawley-Smoot Tariff
		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.
		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.
	www.u-s-history.com /pages/h1519.html (405 words)

	Educate Yourself - Smoot-Hawley
		Influential journalist Walter Lippman weighed in on Smoot- Hawley.
		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.
	www.buyandhold.com /bh/en/education/history/2002/smoot_hawley.html (1622 words)

	Underwood Tariff - Wikipedia, the free encyclopedia
		The Underwood Tariff, or the Tariff Act of 1913 reduced the basic United States tariff rates from 41% to 27%, well below the Payne-Aldrich Tariff Act of 1909.
		"The Domestic and Foreign Wool Manufactures and the Tariff Problem" Quarterly Journal of Economics, Vol.
		It was part of the Revenue Act of 1913 which also included a revised income tax law under the newly passed Sixteenth Amendment.
	en.wikipedia.org /wiki/Underwood_tariff (278 words)

	Tariff - Wikipedia, the free encyclopedia
		Tax, tariff and trade rules in modern times are usually set together because of their common impact on industrial policy, investment policy, and agricultural policy.
		The opposition to all tariffs is part of the free trade principle; the World Trade Organization aims to reduce tariffs and to avoid countries discriminating between other countries when applying tariffs.
		A trade bloc is a group of allied countries agreeing to minimize or eliminate tariffs against trade with each other, and possibly to impose protective tariffs on imports from outside the bloc.
	en.wikipedia.org /wiki/Tariff (1511 words)

	NCPA - Trade Issues - What Caused The '29 Crash And Great Depression?
		He concludes that Smoot-Hawley was responsible for at least 40 percent of the decline in imports after 1930.
		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.
		However, much of the legislative activity took place in 1929, and markets quickly capitalize any policy that will affect future profits.
	www.ncpa.org /pd/trade/pd102999a.html (364 words)

	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.
		Investment during the great depression: uncertainty and the role of the Smoot-Hawley tariff.
		Southern Economic Journal: Investment during the great depression: uncertainty and the role of the Smoot-Hawley tariff.@ HighBeam Research
	highbeam.com /library/doc0.asp?DOCID=1G1:20916035&... (202 words)

	practice.html
		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.
		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).
	ppl.nhmccd.edu /~craigl/25.html (1335 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.
		Log-Rolling and Economic Interests in the Passage of the Smoot-Hawley Tariff
		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)

	Courting Infamy
		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.
		The Smoot-Hawley Tariff Act of 1930 stands as perhaps the most destructive example of boneheaded protectionism in U.S. history.
		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.
	www.whiskeyandgunpowder.com /Archives/20050414.html (2730 words)

	Utah History Encyclopedia
		Smoot was active in the Mormon church and was called to the presidency of the Utah Stake (Provo) in 1895.
		Smoot was acknowledged as the de facto leader of the Utah Republican party and had considerable influence over Utah state politics and politicians.
		Before his election to the Senate, Reed Smoot engaged in a number of business enterprises, including banking, mining, livestock raising, and the manufacture of woolen goods.
	www.media.utah.edu /UHE/s/SMOOT,REED.html (646 words)

	Hawley-Smoot Tariff Act
		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.
		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.
		The act brought retaliatory tariff acts from foreign countries, U.S. foreign trade suffered a sharp decline, and the depression intensified.
	www.infoplease.com /ce6/history/A0823033.html (313 words)

	EH.R: FORUM: The Great Depression
		>Smoot-Hawley tariff was such an important factor in
		tariffs due to Smoot-Hawley, and concludes that the increases in real tariff
	www.eh.net /lists/archives/eh.res/feb-1997/0020.php (100 words)

	75th Anniversary of Smoot-Hawley Tariff Act
		Over time, tariffs would, in essence, have the same inhibiting impact on investment and commerce as an increase in taxes.
		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).
		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 /articles/article.html?storyid=6357 (3046 words)

Try your search on: Qwika (all wikis)

Topic: Smoot-Hawley Tariff Act

Ads by Google

Related Topics

In the News (Tue 29 Dec 09)