The Impact of Agricultural Interventions and Biofuels on Global Prices

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This chapter explores the United States' interventions in agricultural markets, the impact on global prices, and the political motivations behind them. It discusses the consequences of corn-based biofuels on grain prices and the world's poorest people. The chapter also examines the shift towards demand mandates and the use of biofuels to raise agricultural prices.

Greg Page, former CEO of Cargill, the largest privately-held company in America, talks to EconTalk host Russ Roberts about the global food supply and the challenges of running a company with employees and activity all over the world. Page talks about the role of prices in global food markets in signaling information and prompting changes in response to those signals. Other topics include government's role in agriculture, the locavore movement and genetically modified organisms (GMOs).