Unformatted text preview: conservative. It was based upon the belief that if government fostered private business, benefits would radiate out to most of the rest of the population. Accordingly, the Republicans tried to create the most favorable conditions for U.S. industry. The Fordney-McCumber Tariff of 1922 and the Hawley-Smoot Tariff of 1930 brought American trade barriers to new heights, guaranteeing U.S. manufacturers in one field after another a monopoly of the domestic market, but blocking a healthy trade with Europe that would have reinvigorated the international economy. Occurring at the beginning of the Great Depression, Hawley-Smoot triggered retaliation from other manufacturing nations and contributed greatly to a collapsing cycle of world trade that intensified world economic misery....
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- Fall '10
- Franklin D. Roosevelt, world economic misery, American trade barriers, James M. Cox, Governmental economic policy