Cotton

************************************************In a paper I wrote in 1973, I began: “During the last 20 years the U. S. cotton production industry has endured such sweeping changes in government policy that many observers of the scene may have failed to notice that it has been what the economist may reasonably classify as a declining industry” (Firch, 1973). The bad news is that, since that time, the domestic purchase of raw cotton has continued on a downward trend. The good news is that over the last 10 years foreign purchase of U. S.-grown cotton seems to have had a growth rate somewhat greater than the decline of the domestic market.