In Bootleggers & Baptists: How Economic Forces and Moral Persuasion Interact to Shape Regulatory Politics, economists Bruce Yandle and Adam Smith explain how money and morality are often combined in politics to produce arbitrary regulations benefiting cronies, while constraining productive economic activities by the general public.
The Smoot-Hawley Tariff Act was a grave error for U.S. trade policy. As the United States slid into depression, the act represented a desperation move by Congress and President Hoover. Since then, presidents have regarded free trade as the rule rather than the exception. Economist Douglas A. irwin discusses the Smoot-Hawley Act and its legacy.
Video produced by Caleb O. Brown and Austin Bragg.