A great explanation of the effects of the Smoot-Hawley tariff and its contribution to the 1929-1940 depression. The 1919 depression started off worse (lower employment and GDP) but because the government didn't try to micro-manage things, commerce corrected itself and it was over in about a year. Roosevelt's efforts are said to have prolonged the later depression by up to ten years.
Hat tip to Maggie's FarmPosted by DaveH at May 6, 2009 10:09 PM