Trade Illusions

The Economic Policy Institute, a venerable Washington-based think tank, is unhappy that the Obama Administration has decided to resurrect a free trade agreement with South Korea that was negotiated by the Bush Administration back in 2007. That’s no surprise: the EPI is closely linked to what’s left of …

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Smoot-Hawley Redux?

While the causes of the Great Depression of the 1930s—or, at least, the relative importance of the causes—remain in dispute, few economists disagree that “beggar thy neighbor” trade policies deepened the catastrophe. No college course in American history these days lacks a reference to the infamous Smoot-Hawley Act of 1930, …

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