During the Great Depression, most nations lowered tariffs and abolished import quotas to
encourage the ﬂow of trade.

Question

Quizplus · Accepted Answer

During the Great Depression, countries actually raised tariffs and implemented import quotas in an attempt to protect their own industries from foreign competition, which ultimately worsened the economic downturn by reducing global trade. This approach, known as trade protectionism, was abandoned after World War II with the establishment of free trade agreements and the promotion of global economic cooperation.

During the Great Depression, Most Nations Lowered Tariffs and Abolished