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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.
The doctrine of parity was used to justify agricultural price controls in the United States beginning in the 1920s. It was the belief that farming should be as profitable as it was between 1909 and 1914, an era of high food prices and farm prosperity. The doctrine sought to restore the "terms of trade" enjoyed by farmers in those years.
The bill appropriated $1,000,000,000 in funds to keep wheat prices constant through the 1919-1920 crop year. Similar to the Lever Act, the passage of this act allowed the US Government (specifically the president) to monitor wheat prices in order to guarantee farmers profits based on what they had expected them to be if the war had continued.
During World War I prices shot up and farmers borrowed heavily to buy out their neighbors and expand their holdings. This gave them very high debts that made them vulnerable to the downturn in farm prices in 1920. Throughout the 1920s and down to 1934 low prices and high debt were major problems for farmers in all regions. [64]
In reaction to falling grain prices and the widespread economic turmoil of the Dust Bowl (1931–39) and Great Depression (October 1929–33), three bills led the United States into permanent price subsidies for farmers: the 1922 Grain Futures Act, the June 1929 Agricultural Marketing Act, and finally the 1933 Agricultural Adjustment Act ...
The upheaval associated with the transition from a wartime to peacetime economy contributed to a depression in 1920 and 1921. The Depression of 1920–1921 was a sharp deflationary recession in the United States, United Kingdom and other countries, beginning 14 months after the end of World War I. It lasted from January 1920 to July 1921. [1]
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Unemployed and under-employed workers often took to the manufacture of small crafts items, often using stolen materials, to have something to trade for food during the economic crisis. [4] Throughout 1919 and into 1920 the wages of workers were paid largely in kind through the direct distribution of products. [2]