Not guilty? Agriculture in the 1920s and the Great Depression

Giovanni Federico

Research output: Contribution to journalArticlepeer-review


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.

Original languageEnglish (US)
Pages (from-to)949-976
Number of pages28
JournalJournal of Economic History
Issue number4
StatePublished - Dec 2005

ASJC Scopus subject areas

  • History
  • Economics and Econometrics
  • Economics, Econometrics and Finance (miscellaneous)


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