forming only 6 percent
of the GNP, the 40 percent tariffs work out to an effective tax of only 2.4 percent
per citizen. Even this is compensated for by the fact that American businesses
are no longer investing in Europe, but keeping their money stateside. The
consensus of modern economists is that the tariff made only a minor
contribution to the Great Depression in the U.S., but a major one in Europe.
the rewards are being funneled to the top: the number of people
reporting half‐million dollar incomes grows from 156 to 1,489 between 1920 and
1929, a phenomenal rise compared to other decades. But that is still less than 1
percent of all income‐earners.