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An exception occurred when a currency war broke out in the 1930s when countries abandoned the gold standard during the Great Depression and used currency devaluations in an attempt to stimulate their economies. Since this effectively pushes unemployment overseas, trading partners quickly retaliated with their own devaluations.
The Act and tariffs imposed by America's trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Great Depression. [5] Economists and economic historians have a consensus view that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression.
The Great Depression was a severe global economic ... (devaluing the currency in gold ... and Germany was in a tariff war with Poland throughout the 1920s. ...
The outbreak of war in 1914 made the impact of tariffs of much less importance compared to war contracts. When the Republicans returned to power they returned the rates to a high level in the Fordney–McCumber Tariff of 1922. The next raise came with the Smoot–Hawley Tariff Act of 1930 at the start of the Great Depression. [citation needed]
Herbert Hoover and the Great Depression (1959). scholarly history online; Watkins, T. H. The Great Depression: America in the 1930s. (2009) online; popular history. Wecter, Dixon. The Age of the Great Depression, 1929–1941 (1948), scholarly social history online; Wicker, Elmus. The Banking Panics of the Great Depression (1996) White, Eugene N.
An early 20th-century appearance of the term is seen in the title of a work on economics from the early period of the Great Depression: Gower, E. A., Beggar My Neighbour!: The Reply to the Rate Economy Ramp, Manchester: Assurance Agents' Press, 1932. The phrase is in widespread use, as seen in such publications as The Economist [4] and BBC News ...
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Its purpose was to win agreement on measures to fight the Great Depression, revive international trade, and stabilize currency exchange rates. It collapsed after it was "torpedoed" by US President Franklin D. Roosevelt in early July when he denounced currency stabilization.