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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]
Record production led to a fall in the price of commodities. Exports fell at the same time, due in part to the 1980 United States grain embargo against the Soviet Union. The Farm Credit System experienced large losses, which were the first losses since the Great Depression. [1] [2] The price of farmland was a significant factor. Credit ...
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 ...
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]
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.
Samuel Popkin defines a 'moral economic' approach to the political economy of peasants as one which "focuses on the relation between economic and social institutions". [14] In the context of the peasantry in Vietnam, moral economists argue that Confucian and Vietnamese cultural values underpin peasant society, and that this ultimately was the ...
As world trade slumped, demand for South African agricultural and mineral exports fell drastically. It is believed that the social discomfort caused by the depression was a contributing factor in the 1933 split between the "gesuiwerde" ( purified ) and "smelter" (fusionist) factions within the National Party and the National Party's subsequent ...