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1、Unit6Goodbye,FreeTrade?ByDouglasA.IrwinHightariffsandcurrencywarscostusbiginthe1930s.Wecanavoidmakingthesamemistakesagain."In1930,theRepublican-controlledHouseofRepresentatives,inanefforttoalleviatetheeffectsoftheGreatDepression,passedthetariffbill,t
2、heHawley-SmootTariffActwhichhugelyraisedtariffs.Diditwork?Itdidnotwork,andtheUnitedStatessankdeeperintotheGreatDepression."InhisbookonAmericanhistory,thehumoristDaveBarrywentastepfurther,withanamusingriffonSmoot-Hawleyas"themostterribleanddestructive
3、eventinthehistoryofMankind."Smoot-Hawleyhasbecomeareliablepunchlinebecauseitissoregularly—andhyperbolically—invokedinthedebateoverinternationaltrade,adebatethathasreignitedrecentlyasAmerica'sjoblessrecoverydragson.Latelastmonth,theHouseofRepresentati
4、vespassedlegislationaimedatimposingtradesanctionsagainstChinaunlessitallowsitscurrencytoappreciate,thusdiminishingitsexportadvantage.Dayslater,inaspeechthoughttobedirectedatChina,JapanandBrazil,TreasurySecretaryTimothyGeithnerwarnedagainstcurrencypol
5、iciesthatmightintensify"short-termdistortionsinfavorofexports."Indeed,bythispastThursday,theU.S.dollarhadhitrecordlowsagainstseveralcurrencies.ThemanagingdirectoroftheInternationalMonetaryFund,whichholdsitsannualmeetinginWashingtonthisweekend,warneda
6、boutthepossibleoutbreakofcompetitivecurrencydevaluations,reminiscentoftheDepressionera.Toexacerbatematters,Americanpoliticiansofbothparties,facingmidtermelectionsinjustamonth,havefoundausefultalkingpointinchargesofunfairtrade.AnewlyreleasedWallStreet
7、Journal/NBCNewspollfoundthat53%oftheAmericanpublicnowbelievesthatfree-tradeagreementshavehurttheU.S.,upfrom46%threeyearsagoand32%in1999.Soisit1929alloveragain?IsAmericapreparingtoraiseitseconomicdrawbridges?HastheghostofSmoot-Hawleyreturned?Ithelpsto
8、startwithaclear-eyedviewofSmoot-Hawleyitself,whichwasjustoneofmanymistakescommittedbyDepression-erapolicy-makers—andnotthemostconsequentialofthem.Ifwewanttoavoidthesortofdestructive,beggar-thy-neighbortradewarsthatcontributedtobringingdowntheworldeco
