Monday, August 31, 2009

Voluntary Production Adjustment

From the 1930 blog:
Editorial: The “buy-a-bale-of-cotton” movement now promoted in Georgia would be another failed attempt to artificially support a commodity by taking it off the market, as previously tried unsuccessfully with coffee, cotton, and wheat. The “success” of the earlier buy-a-bale movement in 1914 is mythical; cotton prices didn't peak until 1917 due to heavy wartime demand and short crops.

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