How Closed Borders Sank Not a Rival, But the Country That Closed Them
The Familiar Logic of Protection
Trade wars and prohibitive tariffs are widely discussed today as tools of power. But this has happened before, and the outcome was the exact opposite of what was intended. In 1930, the United States passed the Smoot-Hawley Act, raising customs duties on more than 20,000 categories of imported goods, in some cases by as much as 60%.

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