Abstract
This article reviews the development and future of the Farm Credit System (FCS) as a government sponsored source of credit for American agriculture. While agriculture is now a minor sector of the U.S. economy, and there is considerable competition for the FCS from other lenders suggesting no further need for GSE status, it still may be possible to argue that there is some ongoing need. Although credit market imperfections are no longer as clear cut as in the past, they may still act as an impediment to a desirable allocation of capital. Consequently, refocusing the FCS may provide a relatively efficient form of government intervention that can enhance capital flows in rural areas.
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