By 1923, the extent of cultivated land surpassed the pre-war level. Innovation and rising productivity led to rapid growth of the economy, but it soon suffered from the effects of the Great Depression. Latvia showed signs of economic recovery, and the electorate had steadily moved toward the centre during the parliamentary period. On 15 May 1934, Ulmanis staged a bloodless coup, establishing a nationalist dictatorship that lasted until 1940. After 1934, Ulmanis established government corporations to buy up private firms with the aim of "Latvianising" the economy.