• The Heritage Network
    • Resize:
    • A
    • A
    • A
  • Donate
  • Smoot-Hawley

    Smoot–Hawley Anniversary Serves as Reminder of Protectionism's Damage

    Today marks the 81st anniversary of the passage of the Smoot–Hawley Tariff Act. Actor and economist Ben Stein famously explained this legislation in Ferris Bueller’s Day Off, the classic John Hughes movie that was released 25 years ago this month: In 1930, the Republican-controlled House of Representatives, in an effort … More

    Hoover, FDR and Clinton Tax Increases: A Brief Historical Lesson

    The obvious reason to prevent a tax hike by extending current tax rates is that doing so will prevent further economic harm to an already flat economy. How do we know that tax increases will cause economic harm? Three examples: 1932, 1937 and 1993. After the 1929 stock market crash, … More

    Morning Bell: The Protectionist Threat of Another Great Depression

    A financial bubble fueled by easy money and loose credit bursts. Unemployment shoots up, and gross domestic product falls sharply. Some in the U.S. Congress blame foreigners for unfair trade practices and pass a trade bill that prompts widespread retaliation, exacerbates the popping of the bubble, and sends the country … More

    How to Cause Another Depression? Anyone? Anyone?

    An ugly financial bubble bursts. A misguided U.S. Congress responds by blaming foreigners and passes a trade bill that prompts widespread retaliation and exacerbates the initial popping of the bubble. That was 1930 and the Great Depression. Fast forward 80 years. An ugly financial bubble has burst and the U.S. … More

    The Left is the Real Party of Hoover

    Professor of European Political Economy at the London School of Economics, Willem Buiter, writes at the Financial Times: I used to be optimistic about the capacity of our political leaders and central bankers to avoid the policy mistakes that could turn the current global recession into a deep and lasting … More

    Morning Bell: A Trade Free Zone

    Barack Obama has frequently called the North American Free Trade Agreement (NAFTA) “a bad deal.” During one Democratic primary debate, Obama even said he would unilaterally “use the hammer of a potential opt-out” to “renegotiate” the entire treaty. But after he secured the nomination, Obama changed his tune, admitting that … More

    Free Trade Fact of the Day

    In his latest column, radio talk show host Tom Morgan takes us down memory lane to explain why more, not less, free trade is needed now that the economy is struggling: Some politicians propose moves that could plunge us into another Great Depression. If you think I exaggerate, take some … More

    Free Trade Fact of the Day

    The Wall Street Journal editorial page looks at recent liberal efforts to attack conservative economic policy as a Herbert Hoover “Let the economy sink” approach and responds: To hear [Sen. Chuck] Schumer and his fellow-traveling columnists tell it, Hoover’s great policy blunder was to do nothing, all the while insisting … More

    Free Trade Fact of the Day

    With politicians invoking the Great Depression to justify more government intervention in the market place, it is important to look back and remember what policies helped really helped usher in the worst decade for the US economy ever. Amity Shlaes writes at Bloomberg: Hoover knew free trade was beneficial. But … More