Thursday, April 2, 2009

Rehabilitating Smoot Hawley

Uh oh. The New York Times has allocated some of its precious space to an economist trying to rehabilitate the Smoot Hawley Tariff Act.

"The Smoot-Hawley Tariff Act got a bad rap in the Great Depression, an economist argues. Temporary protectionism can be a good thing, he says, giving businesses and workforces time to adjust to downturns."

When intellectuals provide the cover for populist politicians, can more trouble be far behind?

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