Answered Essay: Reviewing the current global political climate, one can notice that many countrys' citizens are

Reviewing the current global political climate, one can notice that many countrys’ citizens are concerning themselves with self-preservation in terms of imports/exports and job preservation. Some countries’ populations are concerned with preservation of their laws, customs and way of life. These attitudes are evident from the recent vote in England in favor of Brexit and the US election of a candidate who campaigned against illegal immigration, for deportation and against participation in international climate accords plus encouraging a reduction of imports or the offshoring of American jobs.

Some would call these countries “isolationists’ as they rein in imports, try to increase exports and limit immigration. Historically, this has happened before in U.S. history. Please read the attached article and discuss. For some examples: list when this happened, who caused it to happen and what the consequences were of the actions taken, etc. (150 word length minimum)

http://americastradepolicy.com/did-the-smoot-hawley-tariff-cause-the-great-depression/#.WHpYK1MrLIU

Expert Answer

  • Anonymous_A

    America’s Great Depression from 1929 to 1933, when America suffered the worst economic decline in its history. National income fell by 36 percent; unemployment increased from 3 percent to over 25 percent; more than 40 percent of all banks were permanently closed; and international investment and trade declined dramatically.

    During this time SmootHawley Tariff Act of 1930 was enacted that raised import duties to protect American businesses and farmers from the depression that started in 1929. But this also added considerable strain to the international economic climate of the Great Depression. But there are other set of views who say this tariff only contributed 7%, which means it would not have actually mattered. But it actually impacted several other trends like the tariff dramatically lowered U.S. exports, from $7 billion in 1929 to $2.4 billion in 1932.

    (Source:Fee)

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