Agricultural Protection in Industrial Countries
The US is not playing on a level playing field in agricultural trade. However, the US has itself been a substantial contributor to the sorry state of this field. The omission of agriculture from the postwar GATT agreements was a feature that the US desired, because entrenched political realities required price supports at levels that would have drawn large imports of grain, dairy products and other commodities in the 1950s had imports not been restrained. (For details, see Johnson, Hemmi and Lardinois, 1985; Paarlberg, 1988; USDA, 1987.)
KeywordsCommon Agricultural Policy Uruguay Round Loan Rate Export Subsidy World Price
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