Business History, October 1st, 1993
The facts of the pre-World War II rubber industry in Malaya are remarkable. Its development after 1900 stands as the last and greatest of the world's agricultural commodity booms. During the inter-war period, just as the industry reached maturity. highly inelastic demand and supply for rubber, heavy export dependence on the United States automobile industry and the 1920-22 depression, followed by the 1930s slump, contributed to violent price fluctuations. Rubber was prominent, in Keynes' phrase, 'as a notoriously fluctuating commodity'. In 1929, the average price of rubber shipped from Singa...
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