Wartime : 40 million more acres cultivated, New machinery - Mechanization of agriculture, Big profits to be made exporting to Europe, Federal Farm Loan Act - encouraged borrowing, Post war 'realities: Fordney McCumber Tariff to protect US market, Europeans impose RETALIATORY tariffs , Post War economic slump , Fall in demand - prices fall by 50%, Wheat $1.30 to 47 cents, Problems + repercussions: Farm income dropped from $22 billion to £13 billion, 3 million farmers earning less than $2000 a year, Farming income falling, Debt = defaulting on mortgages = evictions, Agricultural recession from 1927, Overproduction leading to surpluses, Winners!: Californian fruit farmers (Citrus fruits), Florida - land boom (increased values), Fresh produce e.g lettuce!, Mechanised Midwestern Grain farmers, 5 Key REASONS FOR THE DECLINE: Declining exports, Competition (Canada & Argentina!), Overproduction (Surplus), Falling prices, Falling demand (Population not growing as fast),
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Problems in Agriculture
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Bottd
KS4
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US History
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