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Revisiting the Global Food Architecture. Lessons from the 2008 Food Crisis

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Author Info

  • L. Christiaensen

Abstract

The 2008 episode of food price explosion, political turmoil and human suffering revealed important flaws in the current global food architecture. This paper argues that to safeguard the strengths of the current system, four failures in market functioning and policymaking need to be addressed. First, governments should reinvest in agriculture with a focus on public goods and subject to increased public accountability to re-ensure the global food supply. Second, the policy-induced link between food and fuel prices must be broken through a revision of EU and US agro-fuel policies. Third, better sharing of information on food stocks, stricter WTO regulation of export restrictions, and some form of globally managed buffer stock will be minimum requirements to prevent the resurgence of more inefficient national food self-sufficiency policies. Fourth, a market based food security system is only sustainable given well functioning national social safety nets.

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Bibliographic Info

Article provided by Intersentia in its journal Review of Business and Economic Literature (ReBEL).

Volume (Year): LIV (2009)
Issue (Month): 3 (September)
Pages: 345-362

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Handle: RePEc:sen:rebelj:v:liv:y:2009:i:3:p:345-362

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Web page: http://www.rebel-journal.org/

Related research

Keywords: agriculture; bio-fuels; food crisis; food security; safety net;

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References

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  1. Jeffrey A. Frankel, 2006. "The Effect of Monetary Policy on Real Commodity Prices," NBER Working Papers 12713, National Bureau of Economic Research, Inc.
  2. Ricker-Gilbert, Jacob & Jayne, Thomas S., 2008. "The Impact of Fertilizer Subsidies on National Fertilizer Use: An Example from Malawi," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6464, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Ivanic, Maros & Martin, Will, 2008. "Implications of higher global food prices for poverty in low-income countries," Policy Research Working Paper Series 4594, The World Bank.
  4. Mitchell, Donald, 2008. "A note on rising food prices," Policy Research Working Paper Series 4682, The World Bank.
  5. Maros Ivanic & Will Martin, 2008. "Implications of higher global food prices for poverty in low-income countries-super-1," Agricultural Economics, International Association of Agricultural Economists, vol. 39(s1), pages 405-416, November.
  6. Nora Lustig, 2008. "Thought for Food: The Challenges of Coping with Soaring Food Prices," Working Papers 155, Center for Global Development.
  7. Sébastien Dessus & Santiago Herrera & Rafael de Hoyos, 2008. "The impact of food inflation on urban poverty and its monetary cost: some back-of-the-envelope calculations," Agricultural Economics, International Association of Agricultural Economists, vol. 39(s1), pages 417-429, November.
  8. Tom Slayton, 2009. "Rice Crisis Forensics: How Asian Governments Carelessly Set the World Rice Market on Fire," Working Papers 163, Center for Global Development.
  9. Nin Pratt, Alejandro & Yu, Bingxin, 2009. "An Updated Look at the Recovery of Agricultural Productivity in Sub-Saharan Africa," 2009 Conference, August 16-22, 2009, Beijing, China 51731, International Association of Agricultural Economists.
  10. Kherallah, Mylène & Delgado, Christopher L. & Gabre-Madhin, Eleni Z. & Minot, Nicholas & Johnson, Michael, 2002. "Reforming agricultural markets in Africa," Food policy statements 38, International Food Policy Research Institute (IFPRI).
  11. David Dawe, 2008. "Can Indonesia Trust The World Rice Market?," Bulletin of Indonesian Economic Studies, Taylor and Francis Journals, vol. 44(1), pages 115-132.
  12. Lopez, Ramon & Galinato, Gregmar I., 2007. "Should governments stop subsidies to private goods? Evidence from rural Latin America," Journal of Public Economics, Elsevier, vol. 91(5-6), pages 1071-1094, June.
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Cited by:
  1. Tony Addison & Channing Arndt & Finn Tarp, 2011. "The Triple Crisis and the Global Aid Architecture," African Development Review, African Development Bank, vol. 23(4), pages 461-478, December.

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