Western Settlement and the Price of Wheat, 1872–1913

Knick Harley

The Journal of Economic History, 1978, vol. 38, issue 4, 865-878

Abstract: The expansion of staple agriculture into the American West after the Civil War was an important event in the economic history of both the United States and the world. This migration of commercial farmers transformed the world's commodity markets. We would expect to find that these farmers were responding to price signals in a commercial fashion. Curiously, the existing literature has failed to detect a price responsiveness in western expansion. This failure appears to stem from a lack of appreciation of the importance of the spatial distribution of prices in the late nineteenth century. This study shows that when this factor is considered, the expansion of western cultivation clearly is connected to the prevailing local price of wheat.

Date: 1978
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