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Institutional Choice and the Development of U.S. Agricultural Policies in the 1920s

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  • Hoffman, Elizabeth
  • Libecap, Gary D.

Abstract

We examine U.S. agricultural policy as an institutional choice. Price controls in World War I had demonstrated the government's influence in markets, and with falling crop prices in the 1920s, farmers appealed to the federal government. The federal government was large enough by then to intervene in variou ways. It could have assisted private cooperatives by providing antitrust exemptions, market information, and enforcement of cooperative rules or intervened directly with mandatory output reductions and targeted prices. The policies adopted were influenced by crop-specific characteristics and broader market conditions affecting the success of private cooperatives.

Suggested Citation

  • Hoffman, Elizabeth & Libecap, Gary D., 1991. "Institutional Choice and the Development of U.S. Agricultural Policies in the 1920s," The Journal of Economic History, Cambridge University Press, vol. 51(2), pages 397-411, June.
    • Handle: RePEc:cup:jechis:v:51:y:1991:i:02:p:397-411_03
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    Cited by:

    1. Georgina Belem Carrasco Galvan & Jacqueline M. Vadjunec & Todd D. Fagin, 2024. "Lessons from the Archives: Understanding Historical Agricultural Change in the Southern Great Plains," Land, MDPI, vol. 13(2), pages 1-31, February.
    2. Schmid, A. Allan & Soroko, David, 1997. "Interest groups, selective incentives, cleverness, history and emotion: The case of the American Soybean Association," Journal of Economic Behavior & Organization, Elsevier, vol. 32(2), pages 267-285, February.
    3. Samuel Garrido, 2021. "Inequality and conflict as drivers of cooperation: the location of wine cooperatives in pre-1936 Spain," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 15(2), pages 443-476, May.
    4. Alexander, Barbara & Libecap, Gary D., 2000. "The Effect of Cost Heterogeneity in the Success and Failure of the New Deal's Agricultural and Industrial Programs," Explorations in Economic History, Elsevier, vol. 37(4), pages 370-400, October.

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