Birdwatch Note Rating
2024-06-20 16:17:43 UTC - HELPFUL
Rated by Participant: FFB7FE445807F1CB01BF15984198C72127EA3057950823D909614AD6B9EB2AE5
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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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