Title: Trade policy in a changing world : the relationship of agricultural trade to development policy
Abstract: The basic hypothesis of this paper is that the 1970's brought major and fundamental changes in the world economy which will persist for the foreseeable future. It also brought a world boom in agricultural commodity prices, agricultural trade and agricultural investment. Now, however, world economic growth has slowed appreciably, especially in developing countries. As a result of these factors there has been a sharp and continuing decline in real prices of agricultural commodities, which have resumed a long-term down-trend which was interrupted by the boom of the 1970's. The current and prospective situation is so different from the situation faced in the 1970's by policy makers that it requires a broad reevaluation of trade and development policy in agriculture. Whereas the appropriate strategy in both the public and private sector appeared to be to increase agricultural output at almost any cost, new questions and issues now must be faced by both the public and private sector. This paper attempts to suggest what some of these new decisions are and endeavors to indicate what some of the implications are for the World Bank and developing countries.
Publication Year: 1985
Publication Date: 1985-12-01
Language: en
Type: article
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