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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 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.

Suggested Citation

  • Federico, Giovanni, 2005. "Not Guilty? Agriculture in the 1920s and the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 65(4), pages 949-976, December.
    • Handle: RePEc:cup:jechis:v:65:y:2005:i:04:p:949-976_00
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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. 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. Saleuddin, Rasheed & Coffman, D’Maris, 2018. "Can inflation expectations be measured using commodity futures prices?," Structural Change and Economic Dynamics, Elsevier, vol. 45(C), pages 37-48.
    4. 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 and Oxford Review of Economic Policy Limited, vol. 26(3), pages 318-338, Autumn.
    5. Thomas Delcey & Guillaume Noblet, 2024. "The Making of Informational Efficiency: Information Policy and Theory in Interwar Agricultural Economics," Post-Print hal-03227973, HAL.
    6. 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.
    7. Yin, Guanqiu & You, Yuxuan & Han, Xiaoyan & Chen, Di, 2024. "The effect of agricultural scale management on farmers' income from a dual-scale perspective: Evidence from rural China," International Review of Economics & Finance, Elsevier, vol. 94(C).

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