Agricultural Terms of Trade in Four Midwestern States, 1870–1900

John D. Bowman and Richard H. Keehn

The Journal of Economic History, 1974, vol. 34, issue 3, 592-609

Abstract: From the end of the Civil War down to 1900, the American agricultural sector was subject to continuous political and social upheaval. While the South and Far West were a part of this movement, the heartland of protest remained in the Midwest. The traditional view has been that this unrest and protest was at least partially based on the worsening economic position of the farmer. Farmers complained of being exploited by moneylenders, victimized by railroads and other middlemen, cheated by speculators and faced with prices received falling faster than prices paid, thus reducing real purchasing power. This last view is put forth by Faulkner: “While the prices of farm commodities declined, those of manufactured products, dominated by monopoly practices, remained high or did not decline proportionally.”

Date: 1974
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