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Economic Perspectives, 4, No. 6, 1978
The New Grain Reserve Programs
Large stocks of grain are nothing new in this country. During the fifties, stocks grew to particularly burdensome levels as a result of government programs that kept grain prices above market clearing levels without facing up to the controls needed to rein in the overproduction capacity of U.S. agriculture. These policy shortcomings were corrected in the sixties. Yet grain stocks were still considered excessive in the early seventies.
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