Agriculture had a profitable open market in the 1910's until bankrupt
Europe couldn't afford our prices - but American farmers kept
producing...as individuals. So prices plummeted in the 20's. Govt.
intervention was minimal, yet many farmers were hurt. Big subsidies
didn't happen until the mid 1930's.
I used to find the Tragedy of the Commons very overused. But now I
realize that it applies to American agriculture over and over.