Past Present Future Ideas of Globalisation: Hoover and Smoot-Hawley (and Trump!)
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May 4, 2025 Historian Gary Gerstle dives into the tumultuous legacy of the Smoot-Hawley Act of 1930, revealing how it worsened the Great Depression and shifted political power in U.S. tariff policy. He explores why President Hoover failed to halt its protective measures and discusses the tensions between idealism and cynicism in American politics. Gerstle also connects historical tariff battles to today’s political landscape, raising questions about the limits of presidential authority and the dangers of isolationism in a global economy.
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1920s Crisis Fueled Tariff Push
- The 1920s saw booming industry protected by tariffs and struggling agriculture demanding parity.
- Post-WWI disillusionment fueled isolationism and support for tariffs as a reaction against perceived global exploitation of America.
Isolationism is Deep American Myth
- A deep-rooted American myth favors isolation and protection from Europe’s corrupting influence.
- This isolationism has resurfaced repeatedly, including in Trump’s era, reflecting longstanding political sentiments.
Cold War Overrode Isolationism
- The Cold War forced the U.S. into internationalism, overriding older fears of Europe.
- The end of the Cold War and rise of China ended U.S. global dominance, fueling current protectionist sentiments.