International Dimension of Agricultural Prices

Arthur B. Mackie

Journal of Agricultural and Applied Economics, 1974, vol. 6, issue 1, 11-23

Abstract: Events of the past two years, specifically the agricultural price explosion of 1973, have strongly emphasized the growing interdependency of countries in the production, consumption and trade in agricultural products. The illusion of a closed agricultural economy has been dealt a series of severe blows. The world monetary crisis, the dollar devaluations, and sharply increased foreign demand for U.S. commodities have suggested that there is a single world market for basic commodities.

Date: 1974
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