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To: Peter O'Brien who wrote (59398)3/10/2004 11:20:16 PM
From: cheryl williamson  Read Replies (1) of 64865
 
Smoot-Hawley is widely accepted as the "cause" of the Great Depresssion. Less popular is the notion that overproduction (inventory cycling) was the underlying factor to the crash. Very similar to 2001.

Even more telling was the need for Capitalist expansion to open new international markets. The exportation of goods to other countries was widely seen as necessary to a shot-in-the-arm for the balance-of-trade to improve here.

There were impediments to that expansion, however: Imperial Japan and a Prussian-enhanced Germany. Both countries were Capitalist rivals to US expansion. Their respective expansionist dreams were supported with huge, modern militaries.

You are correct, Hoover couldn't solve the economic problems, and FDR couldn't solve the economic problems. What FDR did was stem the rising tide of Socialism in America by restructuring the Federal Government to provide jobs, Social Security, and other services necessary for human survival and decency.

Economics do not exist outside the boundaries of politics. Both are inextricably intertwined. Smoot-Hawley was an expression of the underlying causes of friction between Capitalist rivals, not the cause of the great depression.

All your admonitions that "protectionist" measures toward offshoring companies will somehow be responsible for a further decline in 2004 are pointless. Workers will do what they need to do in order to secure their future.
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