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Revisiting the Global Food Architecture. Lessons from the 2008 Food Crisis

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  • L. Christiaensen

Abstract

The 2008 episode of food price explosion, political turmoil and human suffering revealed important flaws in the current global food architecture. This paper argues that to safeguard the strengths of the current system, four failures in market functioning and policymaking need to be addressed. First, governments should reinvest in agriculture with a focus on public goods and subject to increased public accountability to re-ensure the global food supply. Second, the policy-induced link between food and fuel prices must be broken through a revision of EU and US agro-fuel policies. Third, better sharing of information on food stocks, stricter WTO regulation of export restrictions, and some form of globally managed buffer stock will be minimum requirements to prevent the resurgence of more inefficient national food self-sufficiency policies. Fourth, a market based food security system is only sustainable given well functioning national social safety nets.

Suggested Citation

  • L. Christiaensen, 2009. "Revisiting the Global Food Architecture. Lessons from the 2008 Food Crisis," Review of Business and Economic Literature, Intersentia, vol. 0(3), pages 345-362, September.
    • Handle: RePEc:sen:rebelj:v:liv:y:2009:i:3:p:345-362
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    Citations

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    Cited by:

    1. Tony Addison & Channing Arndt & Finn Tarp, 2011. "The Triple Crisis and the Global Aid Architecture," African Development Review, African Development Bank, vol. 23(4), pages 461-478, December.
    2. Ojogho, Osaihiomwan & Egware, Robert Awotu, 2015. "Price Generating Process And Volatility In Nigerian Agricultural Commodities Market," International Journal of Food and Agricultural Economics (IJFAEC), Alanya Alaaddin Keykubat University, Department of Economics and Finance, vol. 3(4), pages 1-10, October.
    3. Tony Addison & Channing Arndt & Finn Tarp, 2011. "The Triple Crisis and the Global Aid Architecture," African Development Review, African Development Bank, vol. 23(4), pages 461-478.
    4. Wouter Zant, 2014. "Do Organic Inputs in African Subsistence Agriculture Raise Productivity? Evidence from Plot Data of Malawi Household Surveys," Tinbergen Institute Discussion Papers 14-114/V, Tinbergen Institute.
    5. Anja Vinzelberg & Benjamin R. Auer, 2022. "Unprofitability of food market investments," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(7), pages 2887-2910, October.
    6. Christopher L. Gilbert & Simone Pfuderer, 2014. "The financialization of food commodity markets," Chapters, in: Raghbendra Jha & Raghav Gaiha & Anil B. Deolalikar (ed.), Handbook on Food, chapter 6, pages 122-148, Edward Elgar Publishing.
    7. Priti Khatri & Prashant Kumar & Kaushlesh Singh Shakya & Marios C. Kirlas & Kamal Kant Tiwari, 2024. "Understanding the intertwined nature of rising multiple risks in modern agriculture and food system," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 26(9), pages 24107-24150, September.
    8. Blake, Daniella & Dawson, Carolina & Loeillet, Denis & Staver, Charles, 2018. "Can Global Climate Change affect Prices in the World Banana Market?," German Journal of Agricultural Economics, Humboldt-Universitaet zu Berlin, Department for Agricultural Economics, vol. 67(1), March.
    9. Aled Jones & Bradley Hiller, 2017. "Exploring the Dynamics of Responses to Food Production Shocks," Sustainability, MDPI, vol. 9(6), pages 1-12, June.

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