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Supply Control While Expanding Demand

In: Agricultural Policy of the United States

Author

Listed:
  • Stephanie A. Mercier

    (Farm Journal Foundation)

  • Steve A. Halbrook

    (University of Arkansas at Fayetteville)

Abstract

This chapter covers US agricultural policy between 1956 and 1977, a period characterized by significant stock-building of key commodities such as wheat and corn. The Soil Bank program was established in 1956 to deal with this matter, which encouraged farmers to retire cropland that was considered to be highly erodible. A vigorous debate persisted over much of the period as to whether to impose mandatory controls on farmers’ planted acres of program crops, or rely solely on voluntary incentives to reduce supply. Massive purchases of US-produced grain and oilseed by the Soviet Union in 1972, totaling 19 million tonnes, reduced surplus stocks but raised questions about the US official role in facilitating the transactions.

Suggested Citation

  • Stephanie A. Mercier & Steve A. Halbrook, 2020. "Supply Control While Expanding Demand," Palgrave Studies in Agricultural Economics and Food Policy, in: Agricultural Policy of the United States, chapter 0, pages 213-227, Palgrave Macmillan.
    • Handle: RePEc:pal:psachp:978-3-030-36452-6_14
    DOI: 10.1007/978-3-030-36452-6_14
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