Abstract
Because of high commodity prices, beginning in 2006, subsidies to farmers in the United States, the European Union, and Canada have been reduced significantly. However, significant losses have been experienced by the red meat sector, along with escalating food prices. Because of rising input costs, the "farm boom" may not be as great as first thought. Ethanol made from corn and country-of-origin labeling cloud the U.S. policy scene. Higher commodity prices have caused some countries to lower tariff and non-tariff barriers, resulting in freer commodity trade worldwide. Policymakers should attempt to make these trade-barrier cuts permanent and should rethink current policy legislation to deal with the possibility of a collapse of world commodity markets. Agricultural commodity prices have dropped significantly since early 2008.
Original language | English (US) |
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Pages (from-to) | 18-35 |
Number of pages | 18 |
Journal | Agricultural and Resource Economics Review |
Volume | 38 |
Issue number | 1 |
DOIs | |
State | Published - Apr 2009 |
Keywords
- Agricultural policy
- High commodity prices
- Input prices
ASJC Scopus subject areas
- Agronomy and Crop Science
- Economics and Econometrics