Agricultural Markets and Food Riots: The European Union and Asia Compared
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The current economic crisis is one of the most severe crises that the world has faced since at least the 1930s. The crisis started with financial sector and, then, affected the commodity sector. In 2008, the world’s attention was focused on the global food security. By mid-2009, commodity prices had dropped substantially, but, in late 2010, for the second time in 3 years, food prices (wheat, corn, sugar) began to soar and still remain at or above past trend levels. The consequences of this food crisis go far beyond economics. Achieving food security means not only ensuring that sufficient food is produced but that everyone has access to it. Experts were worried about food riots and now they are happening. High food prices and volatility have been among the main reasons for protests in Egypt and elsewhere in the Arab world. This chapter explores the pressures on food prices, identifies the decision that policy makers adopted in some selected Asian countries as consequence, with a specific focus on food aid, and tries to suggest some sustainable key actions for policy makers.
KeywordsEuropean Union Gross Domestic Product Food Insecurity Food Price Food Crisis
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