Tag: Wrting

Amnesia – An Essay by Douglas Hawley

I’ve had clinical amnesia, but it was relatively insignificant.  Some other cases have been earth shaking.  Let’s start with a lesson ignored or forgotten to the present day.  The Smoot-Hawley Act of 1930 started a trade war and according to Wikipedia it was catastrophic.  There is general consensus that it contributed to the Great Depression.  Subsequently, raising tariffs have been tried and failed on many occasions, including as it is currently being used by the US president who seems to think that he is a good business man.    Classic economics has always held that people and countries should usually buy the cheapest regardless of where it originates, making tariffs counterproductive.