Those who ignore history are condemned to repeat it.
In the 20s and 30s, nations tried to keep all the economic woes out of their borders. Nations competed with ever higher tariffs on imports to try to protect their internal economies. The result of course was to crash international trade, hasten and deepen the Great Depression.
In 1931 Yip Harburg wrote the working man’s anthem:
Once I built a railroad; now it’s done. Brother, can you spare a dime? Read the rest of this entry »