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The farm crisis did not begin with the Great Crash of 1929. Throughout the 1920s agriculture in America was subject to severe economic stress. During World War I prosperity had been the norm as farmers in America and other areas of the world expanded acreage to fill markets formerly supplied by European farmers. When the war ended and the Europeans returned to cultivation, a worldwide collapse in agricultural prices resulted. The collapse continued and was made worse by lack of international cooperation during the 1920s. Bumper crops in Canadian wheat at the end of the decade depressed world prices. The Soviet Union, determined to gain capital for industrial development through the sale of wheat, dumped grain on world markets, depressing prices and depressing their own ability to earn capital, to which they responded by exporting more wheat — even as their own citizenry began to...
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This section contains 240 words (approx. 1 page at 300 words per page) |
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