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3 - nations and generated appeals for food aid from 36...

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Food price crisis of 2007-08 (also from Steve Palley’s lecture) 1. Prices for food staples such as rice, wheat, corn, and soybean rose dramatically in these years due to massive shortages. What happened: o Wheat crop failure in Australia (60% was lost) o Low global reserves o Export restrictions: Russia, China, India, Argentina, Vietnam o Increased demand for meat in Asia o Spike in energy (gas) prices o Increased demand for biofuels (like corn ethanol) o Speculation/psychological factors 2. Sig: This price spike contributed to food insecurity worldwide, civil unrest in several
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Unformatted text preview: nations, and generated appeals for food aid from 36 countries. Also linked to the idea of the “Iron Triangle of Food Insecurity” which Steve defined as a causal cycle between Energy Usage/Costs,Climate, and Development/Land factors. The food price crisis of 2007-08 is an example of how these factors work together to affect food security. The crisis reminds us of the importance of policy in affecting food security and world hunger, and the importance of paying close attention to the agricultural sector so that future crises may be avoided....
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