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A farm crisis is an American term for a time of agricultural recession, low crop prices and low farm incomes. The Interwar farm crisis was an extended period of depressed agricultural incomes from the end of the First to the start of the Second World War. The most recent US farm crisis occurred during the 1980s. [1] [2] [3]
The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, [230] though Hoover is widely credited with popularizing the term, [230] [231] informally referring to the downturn as a depression, with such uses as "Economic ...
The Farm Security Administration (FSA) was a New Deal agency created in 1937 to combat rural poverty during the Great Depression in the United States. It succeeded the Resettlement Administration (1935–1937). [1] The FSA is famous for its small but highly influential photography program, 1935–1944, that portrayed the challenges of rural ...
Long title: An Act to relieve the existing national economic emergency by increasing agricultural purchasing power, to raise revenue for extraordinary expenses incurred by reason of such emergency, to provide emergency relief with respect to agricultural indebtedness, to provide for the orderly liquidation of joint-stock land banks, and for other purposes.
Meanwhile, Schacht's administration achieved a rapid decline in the unemployment rate, the largest of any country during the Great Depression. [19] By 1938, unemployment was practically extinct. [26] Price controls kept inflation in check but also squeezed out small farmers. [27] The government also introduced rent and wage controls. [28]
The great depression of British agriculture occurred during the late nineteenth century and is usually dated from 1873 to 1896. [1] Contemporaneous with the global Long Depression, Britain's agricultural depression was caused by the dramatic fall in grain prices that followed the opening up of the American prairies to cultivation in the 1870s and the advent of cheap transportation with the ...
The U.S. government continued to instill inflationary policy following World War I. [1] By June 1920, crop prices averaged 31 percent above 1919 and 121 percent above prewar prices of 1913. Also, farm land prices rose 40 percent from 1913 to 1920. [2] Crops of 1920 cost more to produce than any other year.
Farming prices decreased further during the Great Depression, leading to parity-seeking New Deal era legislation, such as the Agricultural Adjustment Act of 1933. [3] Political pressure to enforce parity declined after the 1940s and 1950s as commodity prices rose.