ABSTRACT
In the closing years of the 1940s, policy decisions were made that had a major impact on agricultural resource use and adjustment for the next two decades. During World War II and in the immediate postwar years, there was a lively debate about the future course of agricultural policy generally and of farm price policy particularly There was considerable professional, academic, and political support for a policy of full production and moderate price supports. While the Agricultural Act of 1948 embodied this view, in the end Congress and the Administration opted for price supports at levels that quickly resulted in the accumulation of large stocks of the major farm crops. 1
