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Regulation and the Revolution in United States Farm Productivity (Paperback, Revised)
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Regulation and the Revolution in United States Farm Productivity (Paperback, Revised)
Series: Studies in Economic History and Policy: USA in the Twentieth Century
Expected to ship within 12 - 17 working days
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Since the 1930s when the government began active regulation, US
agriculture has undergone a revolution in productivity. Sally
Clarke explains how government activity, from support for research
to price supports and farm credit programmes, created a climate
favourable to rapid gains in productivity. Farmers in the Corn Belt
delayed purchases of the tractor, the most important agricultural
technology, despite the cost savings it promised. Tractor purchases
required large sums of cash at a time when families faced unstable
prices and unattractive credit markets. The New Deal inadvertently
changed this investment climate. Regulation stabilized prices,
introduced new sources of credit, and caused tool manufacturers and
private creditors to revise their business strategies. Competitive
farmers took advantage of these new conditions to invest in
expensive technology and achieve new gains in productivity.
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