During the 1930s, countries closed markets. The effect of these policies was that

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The reduction in trade worsened the Great Depression, as countries were unable to export their goods and faced decreased demand for imports. This led to a cycle of economic decline, with businesses closing and unemployment rising. The closure of markets also did not benefit import-competing industries, as they faced less competition but also less access to cheaper imported goods. The idea that export industries were better off is not necessarily true, as their ability to sell goods was limited by the decrease in demand and trade barriers. Consumers were also not better off, as they faced higher prices and limited choices due to the restricted trade.

During the 1930s, Countries Closed Markets