Have a beautiful day. On my last post (Friday 18th of October, 2019), I did a mistake. A typographical misspelling. It was unintentional from my side. I wish to reveal the wrong data and correct it.

In the paragraphs corresponding to the section “What happened next? Consequences of the Smoot-Hawley Tariff Act”, I wrote:

“The tariff´s war contributed to a drastic decline in international trade. For example, US imports from Europe declined from a high of $1,334 billion (1929) to just $390 million (1932). Meanwhile, U.S. exports to Europe fell from $2,341 billion (1929) to $784 million (1932)”.

Unintentionally I wrote two times the word billion, instead of millions, and I figured out later. Sorry please, I was remarkably exhausted on Friday, and I couldn´t perceive my slip. Please note that the accurate paragraph should be:

“The tariff´s war contributed to a drastic decline in international trade. For example, US imports from Europe declined from a high of $1,334 million (1929) to just $390 million (1932). Meanwhile, U.S. exports to Europe fell from $2,341 million (1929) to $784 million (1932)”. And the source I have used to validate the data is

https://history.state.gov/milestones/1921-1936/protectionism

Please take notice of this flaw, and I hope this public correction can release me from it.

I also wish to share my apologies. We all are humans, and we all make mistakes. We are not perfect, and we do involuntary errors. The same rule applies to all the theorists (economists, strategists), which have been studying and proposing economic systems or strategy models to help businessmen and traders to do their work. Anyone who is trying to contribute with knowledge is not a guru. We all are simple apprentices who are striving to explain things, based on evidence, or figuring out how to solve or simplify commerce and exchanging of goods and services. Nevertheless, every single economic theory or strategy framework inescapably will have at least one stain, or certain flaws, or defects; because no one has the absolute truth.

Do always the right thing.

I also would like to use this post to encourage those who are planning to do a Doctorate in Economics or Business. The reason why your Ph.D. is significant to the planet goes beyond your future role as a professor or university teacher. Your research is demanded to apprehend what exists and improve the current economic models, to create new theories for the next generations. You will be discoverers and generators of further material which will ameliorate what the current economists have designed. Moreover, in your hands, it will be the study and preparation to improve and correct what is not good or is not balanced. Our world is out of equilibrium, we are obliged to build fair economic theories for more than 7 billion people living in it, caring for the environment and its species,  without losing our humanity into the extremes of a technological fallacy.

“Making mistakes is part of life. But it is honorable and honest to correct them as soon as possible. The flaws´revelation and its respective patch, adjustment, and renovation is the noble beginning to improve and change for the better, not for the worst”.

See you over the week with the Anglo Irish Trade War revenge strategy example. Thank you for your comprehension.

Published by eleonoraescalantestrategy

Corporate Strategy Artist, San Salvador, El Salvador View all posts by eleonoraescalantestrategy