Trump, History Repeats.
In the 1920s, the US pursued isolationism in foreign policy and rejected participation in international organizations like the League of Nations. America First was America alone, except for financial agreements like the Dawes and Young Plans aimed at ensuring that our “free-loading” former allies could pay back their war loans. At the same time, high tariffs crippled international trade, making the repayment of those loans especially difficult. The country witnessed an increase in income disparity and a concentration of wealth at the top, and both Congress and the courts eschewed regulations to protect against the self-inflicted calamities of free enterprise run amok. The government also adopted a highly restrictionist immigration policy aimed at preserving the hegemony of white Anglo-Saxon Protestants against an influx of Catholic and Jewish immigrants. (Various measures barring Asian immigration had already been implemented between 1882 and 1917.) These policies left the country unable to respond constructively to either the Great Depression or the rise of fascism, the growing threat to peace, and the refugee crisis of the 1930s.