New technology introduced - Combine harvesters = efficiency = increased production , Impact of new technology on employment - Fewer labourers needed = unemployment , Areas of US especially impacted - South and Mid West e.g Iowa, Impact of technology on income - Surpluses = price drop = less income, Impact of technology - Financial - Borrowing increased = debt, Impact of Prohibition - Price of wheat + barley collapsed , Farming income across 1920’s - Fell from $22 billion to $13 billion, Impact of end of WWI  - overseas exports dried up / end of Government backing, Impact of technology on small farms - Made them uncompetitive = closures, Impact of War - financial - Farmers borrowed to invest - left with post war debt, Impact of overproduction on land values - Land values fell dramatically , Impact of Fordney-McCumber TARAFF - Retaliatory tariffs on US exports (Tariff wars), Economic reality of farming - Farmers ‘sell in a buyers market’ (Lack of control), Impact on TENANT farmers - Couldn’t afford rents (income too low) - Evicted, Impact on SHARECROPPERS - Unable to find employment - homelessness + starvation, Basic problem in agriculture - Overproduction + Underconsumption , Bad luck from 1930 in Midwest - Severe drought + Dust Storms, Price of Corn per bushel 1920 - 💵 $1.30 to 60 cents 🪙, 1930 Tariff - made matters worse! - Hawley-Smoot (Corn value only 30 cents per bushel), Number of farming bankruptcies in in Minnesota  - c. 3,000 (Between 1922 + 26),

Problems in Agriculture - 1920s

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