"[…] The… oil-fueled boom that energized the suburban expansion of the 1920s brought turmoil and trouble to the farm economy. Thirty percent of the U.S. population still lived on farms in the 1920s. U.S. farmers had done well during World War I, exporting grain to a Europe that had become a shell-blasted battlefield. By the early 1920s, though, Europeans were able to feed themselves again. Meanwhile, the introduction of the tractor and the mechanization of farming in the United States led quickly to [the] massive overproduction of grain. Unable any longer to pawn off the surplus on Europe, America suffered a crash in grain prices. The farm depression, which preceded the financial depression by half a decade, was a self-reinforcing feedback loop. As the market prices of corn and wheat plunged, farmers desperately tried to make up for low prices by producing more, which the domestic markets could not absorb, leading to even greater surpluses and more depressed prices."
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Chapter 6, p. 204.
https://en.wikiquote.org/wiki/The_Long_Emergency
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The Long Emergency
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