Not Guilty? Agriculture in the 1920s and the Great Depression

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Not Guilty? Agriculture in the 1920s and the Great Depression

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FEDERICO, GIOVANNI

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Giovanni Federico

Abstract

Agricultural distress in the 1920s is routinely quoted among the causes of the Great Depression. This article challenges the conventional wisdom. World agriculture was not plagued by overproduction and falling terms of trade. The indebtedness of American farmers, a legacy of the boom years 1918 1921, did jeopardize the rural banks, but the relation between their crises, the banking panic of 1930, and the Great Depression is tenuous at best.

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Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 65 (2005)
Issue (Month): 04 (December)
Pages: 949-976
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Handle: RePEc:cup:jechis:v:65:y:2005:i:04:p:949-976_00

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Paper
- Giovanni Federico, 2005. "Not guilty? Agriculture in the 1920s and the Great Depression," Working Papers in Economic History dilf0502, Universidad Carlos III, Departamento de Historia Económica e Instituciones. [Downloadable!]

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Timothy J. Kehoe & Edward C. Prescott, 2002. "Great Depressions of the Twentieth Century," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 1-18, January. [Downloadable!] (restricted)
Other versions:
- Timothy Kehoe & Edward Prescott, 2002. "Data Appendix to Great Depressions of the Twentieth Century," Technical Appendices kehoe02, Review of Economic Dynamics. [Downloadable!]
- Timothy J. Kehoe & Edward C. Prescott (), . "Great depressions of the twentieth century," Monograph, Federal Reserve Bank of Minneapolis, number 2007gdott. [Downloadable!]
Michael D. Bordo & Christopher J. Erceg & Charles L. Evans, 2000. "Money, Sticky Wages, and the Great Depression," American Economic Review, American Economic Association, vol. 90(5), pages 1447-1463, December. [Downloadable!] (restricted)
Other versions:
- Michael D. Bordo & Christopher J. Erceg & Charles L. Evans, 1997. "Money, sticky wages, and the Great Depression," International Finance Discussion Papers 591, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
- Michael D. Bordo & Christopher J. Erceg & Charles N. Evans, 1997. "Money, Sticky Wages, and the Great Depression," NBER Working Papers 6071, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
- Michael D. Bordo & Christopher J. Erceg & Charles L. Evans, 1997. "Money, sticky wages, and the Great Depression," Working Paper Series, Macroeconomic Issues WP-97-02, Federal Reserve Bank of Chicago. [Downloadable!]
Grilli, Enzo R & Yang, Maw Cheng, 1988. "Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What the Long Run Shows," World Bank Economic Review, Oxford University Press, vol. 2(1), pages 1-47, January.
Holt, Charles F., 1977. "Who benefited from the prosperity of the twenties?," Explorations in Economic History, Elsevier, vol. 14(3), pages 277-289, July. [Downloadable!] (restricted)
Nathan S. Balke & Robert J. Gordon, 1989. "The Estimation of Prewar GNP: Methodology and New Evidence," NBER Working Papers 2674, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
J.H.H. Weiler, 2002. "Introduction," Journal of Common Market Studies, Blackwell Publishing, vol. 40(4), pages 555-562, November. [Downloadable!] (restricted)

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Wolf, Nikolaus, 2008. "Scylla and Charybdis. Explaining Europe’s Exit from Gold, January 1928- December 1936," CEPR Discussion Papers 6685, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
Other versions:
- Nikolaus Wolf, 2008. "Scylla and Charybdis. Explaining Europe’s Exit from Gold, January 1928 – December 1936," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
- Wolf, Nikolaus, 2008. "Scylla and Charybdis. Explaining Europe's exit from gold, January 1928-December 1936," Explorations in Economic History, Elsevier, vol. 45(4), pages 383-401, September. [Downloadable!] (restricted)

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This page was last updated on 2009-11-23.

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