The same thing is true of grains as well.
Reader comment on: Richard Epstein on Milk Prices
Submitted by Lyle (United States), May 29, 2012 16:36
Of course we have to recall that Ag had a depression during the 1920s when Europe came back on line in the Ag business. Farmers were being foreclosed upon right and left in the late 20s and 30s. There was talk of rebellion as there had been 30-40 years before. Farm products were blockaded from entering cities (in particular here milk). So the supports provided a bit of domestic tranquility. (Recall that foreclosure auctions on farms were broken up during the 1930s and sheriffs being elected did little to stop the disruptions). So you could have had domestic tranquility or lower prices but not both.
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