Global Free Logging Agreement

Bob Taylor rtaylor at ns.net
Tue Nov 2 16:38:01 EST 1999



>  You might want to read what Galbraith  wrote about the depression. High
tariffs
> to protect local markets lead to inefficiencies. Smoot-Hawley did more to
> prolong the 30's Depression here in the US than anything else. We closed
our
> markets to protect our heavy industry in the north and other nations
closed
> their markets to primarily agricultural exports from the southern US. The
> agricultural regions couldn't afford to upgrade technology by purchasing
> equipment from the industrialized north, and the downward spiral
continued.
> 
> This same issue was discussed at length, 1861-1865. History can teach us
things.
> 
It might be worth adding that the tight-money policy of the Hoover
administration enhanced the deflation already underway by the time of the
stock market crash. 





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