Birdwatch Note Rating
2024-06-21 20:48:58 UTC - HELPFUL
Rated by Participant: A6DDB3C8FB5D74CE6A4E9666E5A67F53A4E7BC4ADEA834C400FFF11B449DCAEE
Participant Details
Original Note:
The Smoot-Hawley Tariff of 1930 was adopted as an intended stimulus measure to "protect" American industry from the stock market crash. Instead of stimulating the economy, the measure backfired and caused a global collapse in trade, thereby worsening the Great Depression. https://www.cato.org/publications/problem-tariff-american-economic-history-1787-1934#protectionism-income-tax-era
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