Globalisation's Effects on World Agricultural Trade, 1960 to 2050
AbstractRecent globalisation has been characterised by a decline in costs of cross-border trade in farm and other products. It has been driven primarily by the information and communication technology revolution and Â– in the case of farm products Â– by reductions in governmental distortions to agricultural production, consumption and trade. Both have boosted economic growth and reduced poverty globally, especially in Asia. The first but maybe not the second of these drivers will continue in coming decades. World food prices will depend also on whether (and if so by how much) farm productivity growth continues to outpace demand growth and to what extent diets in emerging economies move towards livestock and horticultural products at the expense of staples. Demand in turn will be driven by population and income growth, but also by crude oil prices if they remain at current historically high levels, since that will affect biofuel demand. Climate change mitigation policies and adaptation, water market developments, and market access standards particularly for transgenic foods will add to future production, price and trade uncertainties.
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Bibliographic InfoPaper provided by University of Adelaide, Centre for International Economic Studies in its series Centre for International Economic Studies Working Papers with number 2010-11.
Length: 32 pages
Date of creation: Apr 2010
Date of revision:
Globalisation; trade costs; distorted incentives; agricultural protectionism; trade policy reforms;
Find related papers by JEL classification:
- F01 - International Economics - - General - - - Global Outlook
- F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
- F15 - International Economics - - Trade - - - Economic Integration
- Q11 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Aggregate Supply and Demand Analysis; Prices
- Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy
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