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<blockquote data-quote="ShaunyP26" data-source="post: 2960886" data-attributes="member: 42035"><p>Smoot-Hawley, which I assume is what you're referring to, wasn't enacted until the middle of 1930. By then the US was already almost a full year into the depression. Certainly it didn't help the situation, but it didn't cause it, since it happened almost a full year after the crash of 1929. There were many failures that contributed to the Great Depression. (I recommend Lords of Finance: the Bankers who Broke the World, if you want an accessible and recent book on the subject.) The real cause of the Great Depression, or at least the one most universally agreed upon by economists, was a liquidationist policy pursued by treasury secretary Mellon, drastically tighter than normal monetary policy pursued by the Fed, and a large pullback in domestic spending. (See Keynes' Paradox of Thrift on that last one.)</p></blockquote><p></p>
[QUOTE="ShaunyP26, post: 2960886, member: 42035"] Smoot-Hawley, which I assume is what you're referring to, wasn't enacted until the middle of 1930. By then the US was already almost a full year into the depression. Certainly it didn't help the situation, but it didn't cause it, since it happened almost a full year after the crash of 1929. There were many failures that contributed to the Great Depression. (I recommend Lords of Finance: the Bankers who Broke the World, if you want an accessible and recent book on the subject.) The real cause of the Great Depression, or at least the one most universally agreed upon by economists, was a liquidationist policy pursued by treasury secretary Mellon, drastically tighter than normal monetary policy pursued by the Fed, and a large pullback in domestic spending. (See Keynes' Paradox of Thrift on that last one.) [/QUOTE]
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