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Market-oriented folk blame Smoot Hawley for worsening the Great Depression. Skeptics point out that trade was a small part of the American economy in the ’30s so Smoot Hawley couldn’t haven’t been very important. Thomas Rustici in this EconTalk podcast [2] argues that the skeptics have missed the monetary impacts of Smoot Hawley–the bank runs of the ’30s were concentrated in regions and cities that were dependent on exports.