US economists urge Trump to avoid protectionist mistakes of the 1930s
The economic advisors to two Republican and two Democratic presidents and 15 Nobel laureates were among those urging the administration to fend off "a host of new protectionist activity.
(Updated: )
Ricky Lim ·
ricky l ricky l 34 seconds ago
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Reuters – Fri 20 Jan, 2017 3:26 AM IST
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ricky l 0 seconds ago
1930s Deep Depression --- hopefully it will not occur.
It is trigger by US trade war - increase trade tariff against the World - that trigger 1930s Deep Depression.
Hope Donald Trump learned from this - and not repeat the mistake of the 1930s Deep Depression.
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"The decline in the U.S. economy was the factor that pulled down most other countries at first; then, internal weaknesses or strengths in each country made conditions worse or better. Frantic attempts to shore up the economies of individual nations through protectionist policies, such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries, exacerbated the collapse in global trade.[17] By late 1930, a steady decline in the world economy had set in, which did not reach bottom until 1933."
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ricky l
ricky l 3 seconds ago
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ricky l 1 second ago
And Deep Depression 1930s --- trigger the 2nd World War.
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World War II and recovery
The common view among economic historians is that the Great Depression ended with the advent of World War II. Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery. It did help in reducing unemployment.[11][90][91][92] The rearmament policies leading up to World War II helped stimulate the economies of Europe in 1937–39. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment.[93] When the United States entered into the war in 1941, it finally eliminated the last effects from the Great Depression and brought the U.S. unemployment rate down below 10%.[94] In the U.S., massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending the Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts.[cit
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Posted in :-
Reuters – Fri 20 Jan, 2017 3:26 AM IST
Avatar
ricky l 0 seconds ago
1930s Deep Depression --- hopefully it will not occur.
It is trigger by US trade war - increase trade tariff against the World - that trigger 1930s Deep Depression.
Hope Donald Trump learned from this - and not repeat the mistake of the 1930s Deep Depression.
----
"The decline in the U.S. economy was the factor that pulled down most other countries at first; then, internal weaknesses or strengths in each country made conditions worse or better. Frantic attempts to shore up the economies of individual nations through protectionist policies, such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries, exacerbated the collapse in global trade.[17] By late 1930, a steady decline in the world economy had set in, which did not reach bottom until 1933."
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ricky l
ricky l 3 seconds ago
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ricky l 1 second ago
And Deep Depression 1930s --- trigger the 2nd World War.
0
----
World War II and recovery
The common view among economic historians is that the Great Depression ended with the advent of World War II. Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery. It did help in reducing unemployment.[11][90][91][92] The rearmament policies leading up to World War II helped stimulate the economies of Europe in 1937–39. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment.[93] When the United States entered into the war in 1941, it finally eliminated the last effects from the Great Depression and brought the U.S. unemployment rate down below 10%.[94] In the U.S., massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending the Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts.[cit
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