U.S. and World Food Security: Selected Papers for Use by the Subcommittee on Agricultural Production, Marketing, and Stabilization of Prices of the Committee on Agriculture and Forestry, United States Senate. March 15, 1974

Front Cover
U.S. Government Printing Office, 1974 - Food supply - 71 pages
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Selected pages

Other editions - View all

Common terms and phrases

Popular passages

Page 44 - July 1, 1972 represent a totally new experience for farmers and consumers in the United States. 2. Scenario of Events The scenario for this sharp shift in the world food and agricultural situation from one of economic surplus to one of shortage is, as I see it, as follows: 1 . The economic surplus of grains in the world was eliminated in the period 1970-72 by three developments: a. a loss of momentum in the Green Revolution, and a leveling off of food grain production in Asia; b. an accelerating...
Page 38 - Pennsylvania RALPH RAIKES Ashland, Nebraska PAUL D. SANDERS Executive Director, Keep Virginia Beautiful, Inc. Richmond, Virginia THEODORE W. SCHULTZ Professor of Economics, Department of Economics, University of Chicago, Chicago, Illinois F. ROBERT STARR Redwood Falls, Minnesota LLOYD B. WESCOTT Holsteins, Inc., Rosemont, New Jersey WILLIAM H.
Page 35 - ... scramble for supplies that developed in 1972-73. It was a series of unpredictable events, all operating with the same directional force, which created the worldwide shortage of grain and sharply rising farm and food prices. What exists then, is the following: a world food and agricultural situation balanced precariously between a little too much— feast— and a little too little— famine— with inadequate reserve stocks, in which it is impossible to predict the supply-disposition situation...
Page 38 - JAMES G. MADDOX Department of Economics, North Carolina State University DONALD R. MURPHY West Des Moines, Iowa WILLIAM H. NICHOLLS Director, Center for Latin American Studies, Vanderbilt University EMIEL W. OWENS Center for Human Resources, College of Business Administration, University of Houston JAMES G. PATTON Special Assistant to the Secretary of Agriculture, Department of Agriculture, Commonwealth of Pennsylvania RALPH RAIKES Ashland, Nebraska PAUL D. SANDERS Executive Director, Keep Virginia...
Page 38 - PHILIP HAMMER Chairman of the Board, Hammer. Siler, George Associates RUFUS C. HARRIS President, Mercer University AUGUSTIN S. HART Vice Chairman, Quaker Oats Company KENNETTW. HINKS Ivy, Virginia •DALE M. HOOVER Professor of Economics, Department of Economics, North Carolina State University •G. GRIFFITH JOHNSON, JR. Executive Vice President, Motion Picture Association of America, Inc. PETER T.JONES Senior Vice President and General Counsel, Levi Strauss and Company •EDWARD LITTLEJOHN Vice...
Page 63 - As a safeguard against these uncertainties, a more systematic world food security policy and a closer coordination of national adjustment, food aid, and stock policies are needed.
Page 47 - An elasticity of about -.5 to -.6, meaning that a change in supply about 1/2 of 1 percent results in a change in price of 1 percent. Thus, the world of food and agriculture is ready to tumble into a wild scramble for supplies, with sharply rising prices, whenever total supplies become just a little short, or ready to tumble into a farm depression, with sharply falling farm prices, whenever supplies become just a little long. This relationship is of great importance to the United States since it has...
Page 36 - M. Hoover -''To deal with these "unpredictables," what is the meaning of adequate reserves? This committee statement is silent on this key question. Cochrane avoids the question. Nor do legislators know the answer. Moreover, with hindsight, clearly US carryovers of wheat and feed grains were exceedingly large in the summer of 1972. The serious policy mistake was not in having small reserves, but in subsidizing the sale of vast quantities at a very low price.-Theodore W. Schultz In 1972, the Soviet...
Page 41 - ... were set in the central commodity exchanges during the summer of 1973. The price of soybeans, on a cash basis, peaked at over $1 1.00 per bushel in Chicago in the week of May 28, 1973, fell sharply with the imposition of export controls, and then rose to over $10.00 per bushel in the week of July 1 6. The cash price of corn increased to over $3.00 per bushel in Chicago in the week of August 6, 1973, and the cash price of wheat rose to over $5.00 per bushel in Chicago during the week of August...

Bibliographic information