Peddling Protectionism
Smoot-Hawley and the Great Depression

The Smoot-Hawley tariff of 1930, which raised US duties on hundreds of imported goods to record levels, is America's most infamous trade law. This title presents an account of the politics behind Smoot-Hawley, its economic consequences, the foreign reaction it provoked, and its aftermath and legacy.

Starting as a Republican ploy to win the farm vote in the 1928 election by increasing duties on agricultural imports, the tariff quickly grew into a logrolling, pork barrel free-for-all in which duties were increased all around, regardless of the interests of consumers and exporters. After Herbert Hoover signed the bill, U.S. imports fell sharply and other countries retaliated by increasing tariffs on American goods, leading U.S. exports to shrivel as well. While Smoot-Hawley was hardly responsible for the Great Depression, Irwin argues, it contributed to a decline in world trade and provoked discrimination against U.S. exports that lasted decades. "Peddling Protectionism" tells a fascinating story filled with valuable lessons for trade policy today.

Introduction 1
Chapter 1: Domestic Politics 11
Chapter 2: Economic Consequences 101
Chapter 3: Foreign Retaliation 144
Chapter 4: Aftermath and Legacy 184
Appendix: The Economists? Statement against the Smoot-Hawley Tariff 222
Acknowledgments 227
References 229
Index 239