Were Smoot And Hawley Visionaries?

Law360, New York (July 13, 2011, 1:07 PM EDT) -- For nearly 80 years, myths and partial truths about the infamous Smoot-Hawley Tariff Act (actually in the statutes as the Tariff Act of 1930) have driven a U.S. international trade policy that has done likely permanent structural damage to the U.S. economy, sacrificed millions of U.S. industrial jobs on the altar of "free trade," created a seldom discussed or mentioned silent national security crisis; and has likely created at least a long-term, if not permanent, reduction in the U.S. standard of living.

Enacted in 1930, the...
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