Clashing Over Commerce

Clashing Over Commerce
Author: Douglas A. Irwin
Publisher: University of Chicago Press
Total Pages: 873
Release: 2017-11-29
Genre: Political Science
ISBN: 022639901X

A Foreign Affairs Best Book of the Year: “Tells the history of American trade policy . . . [A] grand narrative [that] also debunks trade-policy myths.” —Economist Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in the Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present. “Combines scholarly analysis with a historian’s eye for trends and colorful details . . . readable and illuminating, for the trade expert and for all Americans wanting a deeper understanding of America’s evolving role in the global economy.” —National Review “Magisterial.” —Foreign Affairs

Peddling Protectionism

Peddling Protectionism
Author: Douglas A. Irwin
Publisher: Princeton University Press
Total Pages: 265
Release: 2017-10-24
Genre: Business & Economics
ISBN: 1400888425

A history of America's most infamous tariff The Smoot-Hawley tariff of 1930, which raised U.S. duties on hundreds of imported goods to record levels, is America's most infamous trade law. It is often associated with—and sometimes blamed for—the onset of the Great Depression, the collapse of world trade, and the global spread of protectionism in the 1930s. Even today, the ghosts of congressmen Reed Smoot and Willis Hawley haunt anyone arguing for higher trade barriers; almost single-handedly, they made protectionism an insult rather than a compliment. In Peddling Protectionism, Douglas Irwin provides the first comprehensive history of the causes and effects of this notorious measure, explaining why it largely deserves its reputation for combining bad politics and bad economics and harming the U.S. and world economies during the Depression. In four brief, clear chapters, Irwin presents an authoritative account of the politics behind Smoot-Hawley, its economic consequences, the foreign reaction it provoked, and its aftermath and legacy. Starting as a Republican ploy to win the farm vote in the 1928 election by increasing duties on agricultural imports, the tariff quickly grew into a logrolling, pork barrel free-for-all in which duties were increased all around, regardless of the interests of consumers and exporters. After Herbert Hoover signed the bill, U.S. imports fell sharply and other countries retaliated by increasing tariffs on American goods, leading U.S. exports to shrivel as well. While Smoot-Hawley was hardly responsible for the Great Depression, Irwin argues, it contributed to a decline in world trade and provoked discrimination against U.S. exports that lasted decades. Peddling Protectionism tells a fascinating story filled with valuable lessons for trade policy today.

The Smoot-Hawley Tariff Act Revisited

The Smoot-Hawley Tariff Act Revisited
Author: Bernard C. Beaudreau
Publisher: Cambridge Scholars Publishing
Total Pages: 148
Release: 2020-02-28
Genre: Business & Economics
ISBN: 1527547779

The Smoot-Hawley Tariff Act of 1930 remains one of the most enigmatic pieces of legislation in the 20th century. Held by some to have caused the Great Depression, and by others to have worsened it, the Act’s underlying motives continue to be the subject of vigorous debate. For example, Dartmouth College economic historian and trade expert Douglas Irwin pointed to a political ploy on the part of the Republican Party to avert electoral defeat in 1928 by the Mid-West farm lobby. This book presents an alternative view, based in large measure on recently published studies. It is argued that the Smoot-Hawley Tariff Act should be understood as the Republican Party’s attempt at closing a widening output gap in the US, resulting from the widespread adoption of a new power transmission technology in the form of electric unit drive (EUD). Electric unit drive, by providing the wherewithal to increase machine speed considerably, resulted in productivity gains in the 40-100 percent range. Existing plant and equipment was now vastly more productive as a result of greater machine speeds. The book consists of six papers, five of which were previously published.

Tariff Act of 1929

Tariff Act of 1929
Author: United States. Congress. Senate. Committee on Finance
Publisher:
Total Pages: 816
Release: 1929
Genre: Tariff
ISBN:

Importing Into the United States

Importing Into the United States
Author: U. S. Customs and Border Protection
Publisher:
Total Pages: 0
Release: 2015-10-12
Genre: Education
ISBN: 9781304100061

Explains process of importing goods into the U.S., including informed compliance, invoices, duty assessments, classification and value, marking requirements, etc.

U.S. Trade Policy

U.S. Trade Policy
Author: William Anthony Lovett
Publisher: M.E. Sharpe
Total Pages: 244
Release: 1999
Genre: Business & Economics
ISBN: 9780765603241

A critical review of recent U.S. trade policies that have failed to enforce sufficient reciprocity and overall trade balance, with suggestions for policies that foster a more balanced and realistic pattern of world trade growth.

Olive Branch and Sword

Olive Branch and Sword
Author: Merrill D. Peterson
Publisher: LSU Press
Total Pages: 152
Release: 1999-03-01
Genre: History
ISBN: 9780807124970

Dominated by the personalities of three towering figures of the nation's middle period -- Henry Clay, John C. Calhoun, and President Andrew Jackson -- Olive Branch and Sword: The Compromise of 1833 tells of the political and rhetorical dueling that brought about the Compromise of 1833, resolving the crisis of the Union caused by South Carolina's nullification of the protective tariff.In 1832 South Carolina's John C. Calhoun denounced the entire protectionist system as unconstitutional, unequal, and founded on selfish sectional interests. Opposing him was Henry Clay, the Kentucky senator and champion of the protectionists. Both Calhoun and Clay had presidential ambitions, and neither could agree on any issue save their common opposition to President Jackson, who seemed to favor a military solution to the South Carolina problem. It was only when Clay, after the most complicated maneuverings, produced the Compromise of 1833 that he, Calhoun, and Jackson could agree to coexist peaceably within the Union.The compromise consisted of two key parts. The Compromise Tariff, written by Clay and approved by Calhoun, provided for the gradual reduction of duties to the revenue level of 20 percent. The Force Bill, enacted at the request of President Jackson, authorized the use of military force, if necessary, to put down nullification in South Carolina. The two acts became, respectively, the olive branch and the sword of the compromise that preserved the peace, the Union, and the Constitution in 1833.A careful study of what has become a neglected event in American political history, Merrill D. Peterson's work spans a period of over thirty years -- sketching the background of national policy out of which nullification arose, detailing the explosive events of 1832 and 1833, and then tracing the consequences of the compromise through the dozen or so years that it remained in public controversy. Considering as well the larger question of decision making and policy making in the Jacksonian republic, Peterson nonetheless never loses sight of the crucial role played by the ambitions, whims, and passions of such men as Calhoun, Clay, and Jackson in determining the course of history.