The Evolution of Tariffs and U.S. Economic Growth

This chapter examines the historical significance of tariffs in the United States, initially focusing on their role in government revenue and later, their impact on domestic industries and international trade relations. It critically analyzes the belief that high tariffs fueled industrial growth while highlighting the influencing factors like immigration and technology. Additionally, the chapter explores the consequences of key legislative actions, such as the Smoot-Hawley Tariff during the Great Depression, and discusses the shift toward more open trade policies following World War II.