Revisiting the Global Food Architecture: Lessons from the 2008 Food Crisis
AbstractThe 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 must be addressed. First, governments must 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 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 InfoPaper provided by World Institute for Development Economic Research (UNU-WIDER) in its series Working Paper Series with number WIDER Discussion Paper 2009-04.
Length: 16 pages
Date of creation: 2009
Date of revision:
agriculture; agro-fuels; food crisis; food security;
Other versions of this item:
- Luc Christiaensen, 2009. "Revisiting the Global Food Architecture. Lessons from the 2008 Food Crisis," Review of Business and Economics, Katholieke Universiteit Leuven, Faculteit Economie en Bedrijfswetenschappen, vol. 0(3), pages 3345-361.
- L. Christiaensen, 2009. "Revisiting the Global Food Architecture. Lessons from the 2008 Food Crisis," Review of Business and Economic Literature, Intersentia, vol. 54(3), pages 345-362, September.
- Luc Christiaensen, 2010. "Revisiting the Global Food Architecture: Lessons from the 2008 Food Crisis," Working Papers id:3086, eSocialSciences.
- Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy
This paper has been announced in the following NEP Reports:
- NEP-AGR-2009-10-24 (Agricultural Economics)
- NEP-ALL-2009-10-24 (All new papers)
- NEP-REG-2009-10-24 (Regulation)
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