Textbook
A Billion Dollars a Day: The Economics and Politics of Agricultural SubsidiesISBN: 978-1-4051-8587-5
Hardcover
320 pages
April 2009, ©2009, Wiley-Blackwell
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Preface viii
List of Abbreviations xi
Prologue xiv
1 Introduction: The Problem of Agricultural Subsidies 1
Benin 1
Western Agricultural Subsidies 7
Organization of the Book 13
2 The Economics of Government Intervention 15
Introduction 15
The Invisible Hand 17
Market Failures 21
Violations of the basic conditions: imperfect competition, information, and risk 22
Public goods and externalities 28
Income distribution, poverty, and inequality 33
Conclusion 34
Appendix 2.1: The Theory of the Invisible Hand 35
Appendix 2.2: The Prisoners’ Dilemma 41
3 The Structure of the World Food System 44
Introduction 44
Historical Perspectives 47
The World Food System 52
Agribusiness, Government, and Science 65
Conclusion 68
Appendix 3.1: Country and Commodity Classifications used in Statistical Tables 68
4 Global Institutions and the World Trade Organization 70
Introduction 70
The World Trade Organization 73
Agriculture in the WTO 76
Trade and Development 87
Appendix 4.1: Comparative Advantage 94
5 The Nature and Scope of Agricultural Subsidies in High-Income Countries 98
Introduction 98
Agricultural Policy Objectives and Tools 100
Agricultural Subsidies in OECD Countries 105
Effects of OECD Agricultural Subsidies 116
Conclusion 122
6 U.S. Agricultural Policy: How Not to Save the Family Farm 123
Introduction 123
Historical Overview of U.S. Farm Policy 126
The Impacts of U.S. Farm Subsidies 142
The Politics of U.S. Agricultural Policies 147
Appendix 6.1: ERS Farm Typology 150
7 Agricultural Policy in the European Union: Europe’s Sacred Cows 152
Introduction 152
Agricultural Policy in the European Union 157
The Impact of the Common Agricultural Policy 170
Appendix 7.1: Green Currencies and the Re-Nationalization of the CAP 177
8 Agricultural Policy on the Pacifi c Rim: Non-Trade Concerns versus Comparative Advantage 180
Introduction 180
Japan and Korea 183
Australia and New Zealand 193
Conclusion 202
9 Agricultural Policy in Developing Countries: Cheap Food 205
Introduction 205
The Developing World 207
Agricultural Policy in Developing Countries 214
The Impacts of Agricultural and Trade Policy Reforms 224
Conclusion 229
Appendix 9.1: Country Lists 231
10 Conclusion: Whither Agricultural Policy? 235
References 253
Index 279