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Essay / Research Paper Abstract
This 5 page paper looks at the repeal of the British Corn Laws and the passage of the Smoot-Hawley Tariff. Various ideologies are discussed: Liberal IR theory, Realism and Marxism. Taxation is evaluated in respect to the economy and free trade. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: RT13_SA229law.rtf
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Unformatted sample text from the term paper:
foreign corn to Britain had been secured. The success of this action ushered in a new era and a commitment to Free Trade by Britain, something that did not
waver much for close to a century (2002). However, a primary obstacle to a universal adoption of a free trade policy had been its lack of a champion between 1846
and 1914 to match Britains resolve (2002). Further, World War One would put a stop to normal trade relations and the 1920s would see an overall increase in tariffs, as
nations wanted to protect new industries which had cropped up during the absence of competition (2002). It is important to note that the war changed everything. For centuries, trade was
looked upon as the only way to do business, but after the First World War, ideology changed. There was a new sense that things were not the same. They were
not. And in the United States the Fordney-McCumber tariff of 1922 was imposed and was followed by the sweeping Smoot-Hawley tariff of 1930, something that prompted a wave of retaliatory
tariffs throughout the world (Hobson, 2002). As a result, world trade imploded and created deflation and joblessness around the globe (2002). The Hawley-Smoot Tariff Act was passed by the U.S.
Congress and would bring the U.S. tariff to the highest protective level ever ("The Hawley-Smoot," 2002). Hoover wanted a limited upward revision of tariff rates with increases on farm
products and the adjustment of a few industrial rates, but a congressional joint committee, compromised and created new high rates by generally adopting the increases (2002). Despite wide protests, this
tariff act was passed (2002). It however prompted retaliatory tariff acts from other nations and it is thought that as a result, the U.S. foreign trade suffered a sharp
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