Free the Food Posted on May 11th
AMONG THE many negative consequences of the recent explosion in food prices is that more than 40 countries have taken steps to discourage grain exports — or to stop them altogether. For hard-pressed governments in the developing world, this is a politically tempting and, indeed, understandable approach: One’s own hungry citizens come first. But it is fatally shortsighted. Over time, the curtailment in trade simply encourages hoarding and discourages production. The result: shrinking supplies and higher prices.
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