Thursday, January 6, 2011

Free markets can still feed the world

That is the aptly titled article by World Bank Chief Robert Zoellick. He argues that:

  • The G20 should agree to put food first – because food is the essence of life, and because practical action by the G20 could help make a real difference to hundreds of millions of people. 
  • Agree on a code of conduct to exempt humanitarian food aid from export bans. Export restrictions make food price volatility worse. Ideally, countries would not impose any export bans; in 2011 they should at least agree that food for humanitarian purposes be allowed to move freely. 
  • The answer to food price volatility is not to prosecute or block markets, but to use them better.

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