The Smoot-Hawley Act of the 1930s set the stage for the collapse of the world financial system.

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The Smoot-Hawley Act, signed into law in 1930, raised tariffs on thousands of imported goods, sparking retaliatory tariffs from other countries and worsening the global economic downturn of the Great Depression. The resulting reduction in international trade is considered to have contributed significantly to the collapse of the world financial system.

The Smoot-Hawley Act of the 1930s Set the Stage for the Collapse