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CIAO DATE: 03/02
Economic Perspectives
Preface
Growing world demand, record grain prices, historically low grain stocks, and the breakdown of some state-managed economies are among the factors now transforming agricultural markets. Added to these are recent regional and multilateral trade agreements reducing government support for the farm sector, liberalizing agricultural market access, and encouraging science-based food safety regulations. In the United States, new farm legislation was enacted in April 1996, ending many traditional crop subsidies. What challenges and opportunities are created by these trends? For trade liberalization? For feeding a growing global population?