Cases in Accountability: The Work of the Gao by Erasmus H Kloman

Author:Erasmus H Kloman [Kloman, Erasmus H]
Language: eng
Format: epub
Tags: Political Science, General
ISBN: 9780429747182
Google: 6NmiDwAAQBAJ
Goodreads: 51860705
Publisher: Routledge
Published: 2019-03-04T00:00:00+00:00

The CCC of the Late 1940s

The CCC in the late 1940s was, as it is today, a federally incorporated, wholly government-owned corporation whose policies were dictated by the U.S. Department of Agriculture, its parent organization. The CCC functioned primarily as the financial arm of the Production and Marketing Administration (PMA), the administrative successor to the former Agricultural Adjustment Administration. As the main operating branch of the Agriculture Department in the administration of price-support programs, the CCC entered into loans and purchase agreements with farmer-producers of price-supported commodities. Under the terms of these agreements, the farmer had the option at the end of the marketing year of delivering his crop to the corporation in settlement of the agreement, or of selling his crop directly on the open market. The corporation's settlement price for wheat in the late 1940s was fixed by law at 90 percent of parity as of the first of July, the beginning of the marketing year.

The corporation also acted as a commodity purchasing agent for the Department of Defense, for the Economic Cooperation Administration, and for foreign governments. Typically it acquired enough wheat through settlement of loans and purchase agreements—"takeover" grain—to satisfy their orders. However, high market prices during the war and postwar years had encouraged farmers to sell directly on the open market rather than to deliver their commodity to the CCC. Faced with a large demand from governmental units, and a decreasing supply of takeover crops, the corporation during the postwar years was sometimes forced to buy directly on the open market.

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