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

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  • Luc 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.

Suggested Citation

  • Luc Christiaensen, 2009. "Revisiting the Global Food Architecture. Lessons from the 2008 Food Crisis," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(3), pages 3345-3361.
    • Handle: RePEc:ete:revbec:20090308
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    Cited by:

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    3. Fang Min, 2019. "An Analysis on the Influencing Factors of the World Food Price," Applied Finance and Accounting, Redfame publishing, vol. 5(2), pages 35-41, August.
    4. Blake, Daniella & Dawson, Carolina & Loeillet, Denis & Staver, Charles, 2018. "Can Global Climate Change affect Prices in the World Banana Market?," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 67(1), March.
    5. Onoja, Anthony O. & Ajie, E.N., 2012. "Econometric Analysis of Food Crops’ Response to Climate Variability and Macroeconomic Policies’ Reforms in Nigeria (1978-2009)," Asian Journal of Agriculture and Rural Development, Asian Economic and Social Society (AESS), vol. 2(03), pages 1-11, September.
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    8. 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.
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    10. Anja Vinzelberg & Benjamin R. Auer, 2022. "Unprofitability of food market investments," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(7), pages 2887-2910, October.

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    More about this item

    Keywords

    agriculture; bio-fuels; food crisis; food security; safety net;
    All these keywords.

    JEL classification:

    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy

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