Abstract

The world food economy has undergone a basic transformation during the seventies. Not only did the world have surplus stocks and excess production capacity at the beginning of the decade, but it also appeared that both would be around for a long time to come. Suddenly in 1972 and 1973, they disappeared and the whole world was trying to make it from one harvest to the next. During the mid-seventies global food insecurity was greater than at any time since the war-torn years immediately following World War II.