From Smoot-Hawley to Reciprocal Trade Agreements: Changing the Course of U.S. Trade Policy in the 1930s
In: The Defining Moment: The Great Depression and the American Economy in the Twentieth Century
Four years after passing the infamous Smoot-Hawley tariff in 1930, Congress enacted the Reciprocal Trade Agreements Act (RTAA), which gave the president the authority to undertake tariff-reduction agreements (without Congressional approval) with foreign countries. The resulting trade agreements reduced U.S. tariffs and culminated in the General Agreement on Tariffs and Trade (GATT) in 1947. Was the Great Depression responsible for bringing about this fundamental shift in U.S. trade policy? This paper analyzes the changes in U.S. trade policy during this period and argues that (i) the Depression as an international phenomenon motivated the unprecedented Congressional delegation of tariff-making powers, (ii) economic changes more the result of World War II than the Depression blunted Republican opposition to the RTAA and ensured its post-war survival.
(This abstract was borrowed from another version of this item.)
|This chapter was published in: ||This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number
6899.||Handle:|| RePEc:nbr:nberch:6899||Contact details of provider:|| Postal: |
Web page: http://www.nber.org
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Crucini, M.J. & Kahn, J., 1994.
"Tarrifs and Aggregate Economic Activity: Lessons from the Great Depression,"
RCER Working Papers
383, University of Rochester - Center for Economic Research (RCER).
- Crucini, Mario J. & Kahn, James, 1996. "Tariffs and aggregate economic activity: Lessons from the Great Depression," Journal of Monetary Economics, Elsevier, vol. 38(3), pages 427-467, December.
- Haggard, Stephan, 1988. "The institutional foundations of hegemony: explaining the Reciprocal Trade Agreements Act of 1934," International Organization, Cambridge University Press, vol. 42(01), pages 91-119, December.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberch:6899. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.