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

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  • FEDERICO, GIOVANNI

Abstract

Agricultural distress in the 1920s is routinely quoted among the causes of the Great Depression. This paper 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 1919-1921, 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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  • Federico, Giovanni, 2005. "Not Guilty? Agriculture in the 1920s and the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 65(04), pages 949-976, December.
  • Handle: RePEc:cup:jechis:v:65:y:2005:i:04:p:949-976_00
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    References listed on IDEAS

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    1. 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, World Bank Group, vol. 2(1), pages 1-47, January.
    2. Holt, Charles F., 1977. "Who benefited from the prosperity of the twenties?," Explorations in Economic History, Elsevier, vol. 14(3), pages 277-289, July.
    3. Christopher J. Erceg & Michael D. Bordo & Charles L. Evans, 2000. "Money, Sticky Wages, and the Great Depression," American Economic Review, American Economic Association, vol. 90(5), pages 1447-1463, December.
    4. 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.
    5. Timothy J. Kehoe & Edward C. Prescott(), 2007. "Great depressions of the twentieth century," Monograph, Federal Reserve Bank of Minneapolis, number 2007gdott.
    6. Nathan S. Balke & Robert J. Gordon, 1988. "The Estimation of Prewar GNP: Methodology and New Evidence," NBER Working Papers 2674, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Richard S. Grossman & Christopher M. Meissner, 2010. "International aspects of the Great Depression and the crisis of 2007: similarities, differences, and lessons," Oxford Review of Economic Policy, Oxford University Press, vol. 26(3), pages 318-338, Autumn.
    2. 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.
    3. Nikolaus Wolf, 2008. "Scylla and Charybdis. Explaining Europe’s Exit from Gold, January 1928 – December 1936," CESifo Working Paper Series 2271, CESifo Group Munich.
    4. Apostolides, Alexander, 2012. "Small debt, large problems in Cyprus: How even small debt in a British Colony led to the political crisis and violence in October 1931," MPRA Paper 43210, University Library of Munich, Germany.

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