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:In their paper discussing the Hawley-Smoot Tariff, Christopher Harris, Michael O'Donnell and Sarah Loudon formulate several lessons learned from the Hawley-Smoot Tariff Act.
:In their paper discussing the Hawley-Smoot Tariff, Christopher Harris, Michael O'Donnell and Sarah Loudon formulate several lessons learned from the Hawley-Smoot Tariff Act:


:*Served as a catalyst for more liberal trade policies within the U.S. Many argue that the result of the bill provoked the creation of the GATT and eventually the WTO; two organizations created to mediate trade policy between nations. 


:"The aftermath of the Hawley-Smoot Tariff Bill served as a catalyst for more liberal trade policies within the U.S.  It seems clear that the bill had a negative affect on the general welfare of the U.S. economy and served as a major turning point in U.S. trade policy.  Many will argue that the result of the bill provoked the creation of the GATT and eventually the WTO; two organizations created to mediate trade policy between nations. 
:*Taught the U.S. lessons on the advocacy of protectionism and use of high tariffs.  This lesson has been put into effect as the U.S. has gradually moved towards a more liberal trade ideology since the 1930’s. For many decades after the bill, the U.S. pushed liberal trade policies in effort to avoid similar “trade war” situations, mainly through the use of multilateral trade negotiations [[HSref|(4324)]]."
 
:In essence, the aftermath of the bill taught the U.S. lessons on the advocacy of protectionism and use of high tariffs.  This lesson has been put into effect as the U.S. has gradually moved towards a more liberal trade ideology since the 1930’s. Many historians credit the Great Depression to the “tight” implementation of protectionism in the U.S. and that and that free trade was the answer to an efficient global economy.  For many decades after the bill, the U.S. pushed liberal trade policies in effort to avoid similar “trade war” situations, mainly through the use of multilateral trade negotiations.  As previously mentioned, the U.S. was the catalyst of the establishment of the GATT and headed many prolific rounds, most notably the Uruguay Round.  Ultimately, the U.S. utilized its power as an economic hegemony to change the path of international trade and learned that tariffs have the ability to act as “pre-war” tactics and the ability affect international relations [[HSref|(4324)]]."

Revision as of 02:48, 27 April 2006

Intro | United States Tariff History | Setting the Stage | The Harding Years | Election of 1928 | Hearings & Proceedings | Aftermath | Lessons | References | Bibliography
In their paper discussing the Hawley-Smoot Tariff, Christopher Harris, Michael O'Donnell and Sarah Loudon formulate several lessons learned from the Hawley-Smoot Tariff Act:
  • Served as a catalyst for more liberal trade policies within the U.S. Many argue that the result of the bill provoked the creation of the GATT and eventually the WTO; two organizations created to mediate trade policy between nations.
  • Taught the U.S. lessons on the advocacy of protectionism and use of high tariffs. This lesson has been put into effect as the U.S. has gradually moved towards a more liberal trade ideology since the 1930’s. For many decades after the bill, the U.S. pushed liberal trade policies in effort to avoid similar “trade war” situations, mainly through the use of multilateral trade negotiations (4324)."
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