Cotton, Corn and Risk in the Nineteenth Century

Gavin Wright and Howard Kunreuther

The Journal of Economic History, 1975, vol. 35, issue 3, 526-551

Abstract: Why Did “Uncle Remus” exhort the post-bellum South to reduce its cotton-growing in favor of corn? His complaint was prompted in the immediate sense by the low cotton prices of the early 1890's, but such comments reflected a continuing discontent over the region's abandonment of self-sufficiency in foods after the Civil War. The ratio of cotton output to com was probably at an antebellum peak in 1860, but this ratio had been easily exceeded by 1880, as Table 1 indicates. In the leading cotton states, per capita corn production and the per capita stock of hogs were only about half of what they had been twenty years earlier. Coinciding as it did with a major era of stagnation in world cotton demand, this shift into cotton is of great importance for the subsequent economic development of the South. Despite its size and significance, the shift lacks a satisfactory explanation in the historical literature.

Date: 1975
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