Great Depression

The history since the Great Depression of 1929 is also important. After the Great Depression occurred, the United States raised tariffs (enacting the Smoot-Hawley Tariff Act) in 1930. In that same year, Canada and European countries immediately entered into retaliatory tariffs. In 1931, after the global spread of retaliatory tariffs, world trade volume decreased to one-third. As a result, industries everywhere collapsed and unemployment overflowed.