Food: The Global Glut

Take an indulgent farm policy, enhance it with advanced agricultural technology, cushion it with protective tariffs, and the guaranteed result is that old embarrassment, commodity surpluses. Once uniquely American, the farm glut has recently become international.

Overabundance is common in the developed nations that can afford to subsidize farming. It is a costly bounty that threatens to stimulate further protectionism and provoke trade-damaging price wars behind the barricades of new border taxes, import quotas and additional grain subsidies. The cruel irony is that while almost half of the world's people are...

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