|
I don't think anyone argues that one country independently putting in place a set of tariffs on imports did anything to cause or prolong the great depression... what they do argue is that putting tariffs in place causes others to reassess their positions and start a cascade of tariffs being put in place around the world...
One country imposing tariffs, not so bad.
All major economies imposing tit-for-tat tariffs one after the other, and compounding that with competitive devaluations of their currencies...
Bad. Very bad.
Consider your 'myth' only a myth if you fit blinkers to reality.
__________________
"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--
|