AbstractThe recent farm financial crisis has resulted in a rapid and dramatic economic decline for many farmers. Although researchers have long observed that economic crisis and vulnerability contribute to social‐psychological depression, few studies have examined the links between farm restructuring and the depression process. We address this issue using a sample of 503 Ohio farmers from 1987. We hypothesize 1) that sociodemographic and farm structural characteristics are related to economic vulnerability, 2) that economic vulnerability is related to feelings of economic hardship and perceived stress, and 3) that these, in turn, are related to depression. The findings generally support the hypotheses and help clarify the depression process: beyond economic vulnerability, a negative cognitive appraisal of one's situation and ineffective coping mechanisms are related to more severe depressio