Internationalist turn, 1933

HIS 187

HIS 187
Author

Eric Rauchway

Published

October 21, 2024

America First

To safeguard America first, to stabilize America first, to prosper America first, to think of America first, to live for and revere America first

Warren Harding, 1920

Business cycles

Boom and crash

Forms of nationalism the United States exported in the 1920s

  • tariffs
  • immigration restriction
  • cultural nationalism/racism
  • financial restriction

Tariff protection for farmers?

Retaliation

The Hawley-Smoot tariff in the United States was the signal for an outburst of tariff-making activity in other countries.

League of Nations, World Economic Survey, 1932–1933

Nationalist policy worsened the depression

Economic modernization & democratic deficits

“Things are Bad in Germany”

This is not a coin (nor a picture of a coin)

Comparisons

Turnaround

p

Back toward internationalism

  • World Economic Conference (London), 1933

  • Keynes-Roosevelt proposal

  • Exchange Stabilization Fund

    • loans to Mexico, China, France

  • Reciprocal Tariff Act, 1934

  • Three-Party Agreement, 1936

    • US, UK, France