"Buy American" Means Bye-Bye Prosperity

by Don Boudreaux on February 1, 2009

in Trade

The great trade economist, Douglas Irwin of Dartmouth, warns in today's New York Times against the dangers of protectionism.  Here are Doug's closing lines:

When the United States imposed the Smoot-Hawley Tariff in 1930, it
helped set off a worldwide movement toward higher tariffs. When
everyone tried to restrict imports, the combined effect was a deeper
global economic slump. It took decades to undo the accumulated trade
restrictions of that period. Let’s not make the same mistake again.


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