Farm Prices Plummet rigorously examines the agricultural crisis during the Great Depression, focusing on the sharp decline in farm prices and the resulting economic hardship. It utilizes USDA data to analyze the economic forces at play, arguing that the crisis stemmed from overproduction, global economic conditions, and insufficient policy responses, rather than solely from natural disasters like the Dust Bowl. The book highlights how the agricultural sector, once a cornerstone of American prosperity, experienced a devastating collapse, impacting farm incomes and livelihoods.
The book progresses by first establishing the historical and economic context, then delving into the analysis of USDA data to illustrate the plummeting commodity prices for key crops like wheat and corn. Finally, it evaluates the New Deal's government intervention strategies and their effectiveness in stabilizing farm prices. This approach allows the book to provide a nuanced understanding of agricultural economics and the long-term implications of government policies, offering valuable insights for understanding modern agricultural challenges and policy debates.
