Bonus Quotation of the Day…

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… is from pages 5-6 of Douglas Irwin’s, Petros Mavroidis’s, and Alan Sykes’s 2008 book, The Genesis of the GATT:

The gradual restoration of the world economy [following WWI] was interrupted by a worldwide recession starting in 1929. This economic downturn was met by greater protectionism, which in turn further reduced world trade. Although monetary and financial factors were primarily responsible for allowing the recession to turn into the Great Depression of the early 1930s, the spread of trade restrictions aggravated the problem.