Amber Waves of Ethanol

The world food crisis is highlighting tragic stories of multitudes on the brink of starvation. Nonetheless, this crisis is likely to encourage a surplus of another kind: market fundamentalism. Its advocates believe that if only markets are allowed to do their thing, economies can easily accommodate weather catastrophes or shortages of agricultural inputs. The U.S. is portrayed as the beneficent advocate of free and open markets while too many "underdeveloped" nations -- and those socialist Europeans -- subsidize their farmers to the detriment of market efficiency.