If so, calling a recent World Economy paper "Smoke IN the water" represents a fundamental mistake.
However, they almost make up for it with a footnote that says "Nevertheless, the views expressed here are those of the authors and do not necessarily reflect those of Deep Purple."
Other than that it reprents a good effort although still not close to a recent paper in the AER called "Panic on the Streets of London" by Steve Machin and co-authors named after the well known Smiths track of exactly the SAME name.
Smoke in the (Tariff) Water
Liliana Foletti1, Marco Fugazza2, Alessandro Nicita2
and Marcelo Olarreaga3
DURING the Great Depression, protectionism spread rapidly. By 1933,
world trade was only a third of what it was in 1929. Part of this slump had
to do with the decline in economic activity, but several studies estimate the contributionof protectionist forces somewhere between 25 and 50 per cent of the
total decline in world trade.1 The protectionist response started in the United
States with the Smoot–Hawley Tariff Act passed in June 1930, which raised
tariffs by 23 per cent according to Irwin (1998). Many countries retaliated.
According to Madsen (2001), the world average effective tariff (the ratio of the
value of import duties and import value) increased from 9 per cent in 1929 to 20
per cent by 1933, with values as high as 30 per cent in Germany and the UK