Answer:
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Step-by-step explanation:
In the early 1890s, a coalition of farmers, laborers, and middle class activists founded an independent political party named the People's Party, also known as the Populist Party. This party was the product of a broad social movement that emerged in response to wrenching changes in the American economy and society.
The pace of agricultural expansion would not keep up with the speed of industrial growth and, as with industry, farming went through cycles of boom and bust. Nonetheless, the hungry markets in the urban Northeast and Europe promised good opportunities in American agriculture. Farmers, however, were soon caught in the double bind of falling farm prices and heavy debt payments on their land and farm machinery. Farmers responded by building large-scale organizations to strengthen their hand in marketing farm goods, and in lobbying government for more favorable terms of credit and trade. Originally, it had worked to attract new settlers, to bring in new railroad lines, and to boost the value of farmland. But as the land boom turned to bust, the Farmers' Alliance sought to rescue distressed farmers through marketing cooperatives, government regulation, and currency reform. In doing so, it drew from the previous experience of the Patrons of Husbandry (the Grange), as well as the legacy of the Greenback-labor movement and the Knights of Labor.