Wednesday, August 1, 2007

Protectionism, Now and Then

Okay, logic time.

Marginal Revolution alerts me through EconLog about a Club for Growth petition sparked by the possibility Congress might be dumb enough to actually pass a bill to initiate trade conflict with China.

Now, there's all sort of commentary out there already, and I agree with it. This is not a good plan. Some 1028 economists have signed this petition against in remembrance of the 1028 that signed a 1930 petition against Smoot-Hawley. What's interesting is to visit the Club for Growth link and look at the 1930 petition, when Missouri was apparently a top US university, and Harvard certainly isn't considered #1.

Note: It is disingenious for the Club for Growth to assert that Smoot-Hawley caused the Great Depression. It may have contributed substantially, but that is far from proven and detracts from the issue. Nobody is suggesting another depression if one of these bills passes.

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