ABSTRACT
The risks inherent in late nineteenth century agriculture were seldom ignored by contemporary farmers. In fact, farmers have been aware for many decades of the uncertainties and risks in farming. Scholars of late nineteenth century agriculture also have long been cognizant of the fact that the uncertainties in agriculture influence farmers’ behavior. Both Enoch Banks, in 1905, and Rupert Vance, in 1929, included a discussion of risks in their interpretations of postbellum Southern agriculture. The importance of the level of uncertainties and risks inherent in nineteenth century agriculture was a central theme in William Parker’s explanation of American agricultural development. Soil and climatic variations and market fluctuations led to uncertain crop prices, crop yields, and farm incomes which, in turn, influenced the pattern of agricultural development. The chapter presents an overview of the key concepts discussed in the subsequent chapters of this book.
