Background
Demand for rubber declined sharply after World War I resulting in the British enacting the Stevenson Plan in 1921 to restrict the supply of rubber to support rubber prices and ensure the profitability of British rubber plantations in the Far East. However, the plan had many flaws and was abandoned in 1928. By 1928 the plan both irritated the United States and lacked apparent purpose. Demand for rubber was robust due to expanded use of the automobile in the United States.
After the stock market crash of 1929 the Great Depression hit the United States and rubber demanded once again softened. It was in this context that the International Rubber Regulation Agreement was implemented.
Read more about this topic: International Rubber Regulation Agreement
Famous quotes containing the word background:
“In the true sense one’s native land, with its background of tradition, early impressions, reminiscences and other things dear to one, is not enough to make sensitive human beings feel at home.”
—Emma Goldman (1869–1940)
“Silence is the universal refuge, the sequel to all dull discourses and all foolish acts, a balm to our every chagrin, as welcome after satiety as after disappointment; that background which the painter may not daub, be he master or bungler, and which, however awkward a figure we may have made in the foreground, remains ever our inviolable asylum, where no indignity can assail, no personality can disturb us.”
—Henry David Thoreau (1817–1862)
“... every experience in life enriches one’s background and should teach valuable lessons.”
—Mary Barnett Gilson (1877–?)