In this Volume, the various measures taken by successive
Administrations to fully utilize the new-found potential are
examined critically. These include the Smoot-Hawley Tariff Act of
1930, the National Industrial Recovery Act of 1933 and the National
Labor Relations Act of 1935. The readings in this case consist of
my own published work on the topic over the course of the past
decade. The articles in question set out to do two things, namely
situate the relevant policy measure in the appropriate historical
context, namely the presence of output gaps, and second, evaluate
the efficacy or wisdom of the proposed policy measures. For
example, contrary to popular belief, the Smoot-Hawley Tariff Act
was a response to growing excess-capacity-related stagnation in the
form of unemployment. Evidence is presented which shows that the
output gaps referred to above were clearly on the minds of Ranking
Republicans at the Kansas City National Convention in June 1928.
General
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