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Article: The wrong shadow of Smoot-Hawley. (US commercial policy)
- Article from:
- The New Leader
- Article date:
- January 11, 1988
- Author:
CopyrightCOPYRIGHT 1988 American Labor Conference on International Affairs. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Wrong Shadow of Smoot-Hawley
THE SPECTER of Smoot-Hawley is haunting Washington. It is numbing thought, paralyzing action and speeding the United States toward a genuine depression. The old ghost has risen from the grave in response to the recent scare on Wall Street. The word is out that enactment of any "protectionist" legislation at present will bring on a crash, as Smoot-Hawley did some 60 years ago. More specifically, the pending "omnibus" trade bill that would empower the President to take retaliatory action if a nation discriminates against American products, and a companion bill that would stem the flood of imports now washing away America's textile ...