Farm Subsidies: Devastating the World’s Poor and the Environment

Subsidized agriculture in the developed world is one of the greatest obstacles to economic growth in the developing world.  In 2002, industrialized countries in the Organization for Economic Cooperation ad Development (OECD) spent a total of 300 billion dollars on crop price supports, production payements and other farm programs.  The subsidies encourage overproduction.  Markets are flooded with surplus crops that are sold below the cost of production, depressing world prices.