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Article: Trade betrayed: in protectionism's hall of infamy, after Smoot-Hawley read Kohl-MacSherry. (Helmut Kohl, Ray MacSherry refuse to offer credible farm support cuts to General Agreement on Tariffs and Trade) (editorial)
- Article from:
- The Economist (US)
- Article date:
- October 27, 1990
CopyrightCOPYRIGHT 1990 Economist Newspaper Ltd. 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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REED SMOOT and Willis Hawley came deeply to regret the tariff act of 1930 that bore their name. By raising tariffs sharply on virtually all American imports, the senator for Utah and representative for Oregon helped turn 1930's recession into the 1930s' Great Depression. One lesson of history is that history lessons are rarely learned. As the world slips into recession, Messrs Helmut Kohl and Ray MacSharry are vying to be the Smoot and Hawley of 1990. By refusing to offer credible farm-support cuts to the world's trade negotiations in Geneva, Germany's chancellor and the European Community's farm commissioner are conspiring to launch the world's next round of ...
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