As to its impact, remember that trade only amounted to three or four percent of GDP at the time. The Smoot-Hawley boogeyman story is nevertheless told by ruling-elite lackey economists to take the heat off the role of the private central bankers supreme role in our lives and economies, and their ability to expand or contract money and credit at will.
In sum, we now have currency wars affecting everybody's money and not just the fortunes of a few companies or industry. We have bankster-tied straightjackets for nations as in the European union wherein countries have lost their freedom to manage their own economies. As a result, the people are now out in the streets in force.
Keep in mind here that tariff freedom does no mean undue protectionism, after all you can have your tariffs too low, or too high, or just right in any case meaning greater domestic and cultural freedom and production, less dependency, more democracy, greeter middle class and higher standards of living. It also means the great majority of people who work everyday to produce our goods and service have a real say in their own economy.
Imagine that!
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