 17th-18th Centuries
|
17th century
Farmers near water transportation grow some cash crops for trade;
farmers inland emphasize subsistence farming
18th century
Northern farmers produce a variety of crops and livestock, sometimes
supplemented by craftwork; Southern plantation agriculture concentrates
on export crops.
1776
Declaration of Independence results partly from British controls on
farm exports, restrictions on land titles, and limitations on western
settlement
1786
Shay's Rebellion, a farmers' revolt against deflation
1791 First National Bank chartered |
1800
|
1817-40
Antagonism between commercial and farming interests of the South;
commerce especially opposes the institution of a protective tariff |
1820
|
1832
Rechartering of the Bank of the United States becomes an acute point
of contention between creditors in the cities and debtors in the South
and West |
1840
|
1850-61
The South, with its primarily agricultural economy, is politically
strong |
1860
|
1865-1900
Greenbackers and later Populists, representing debtors, fight deflation,
high freight rates, and monopoly; these issues partly indicate a shift
of power from agrarian to commercial interests after the Civil War
1869
Louis McMurray contracts with farmers near Frederick, MD for vegetables
to be canned in his factory, the beginning of vertical integration
1873
Silver demonetized in so-called Crime of ‘73 |
1900
|
1889-1919
Farm prosperity |
1910
|
1910s
Farm credit is a steadily growing rural issue
1913
Federal Reserve Act passed |
1920
|
1920s
Agricultural surpluses become the chief agricultural issue
1920
Collapse of agricultural prices
1921-40
Long-term agricultural depression |
1930
|
1932
Farm prices and income reach Depression bottom |
1940
|
1945-60
Expansion of vertical integration, especially in the broiler industry |
1950
|
1950
Large agricultural surpluses |
1960
|
1966
Federal minimum wage extended to some farm workers |
1970
|
1972
Russian wheat sale brings higher farm prices |
1980
|
1980s
Farm financial crisis affects farmers with heavy debt loads |
1990-2000
|
1990s
Concentration grows in farm inputs industry and among processors and
shippers; more farms turn to production and marketing contracts, increasing
vertical coordination
1996
Net farm income reaches a record $54.9 billion
1998-99
Price slump caused by large commodity surpluses |
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