http://cafehayek.com;
Market-oriented folk blame Smoot Hawley for worsening the Great Depression. Skeptics point out that trade was a small part of the American economy in the '30s so Smoot Hawley couldn't haven't been very important. Thomas Rustici in this EconTalk podcast http://www.econtalk.org/archives/2010/01/rustici_on_smoo.html argues that the skeptics have missed the monetary impacts of Smoot Hawley-the bank runs of the '30s were concentrated in regions and cities that were dependent on exports.
