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This is a clip from the documentary The End of Poverty in which Joseph Stiglitz explains the impact of market liberalization on poor farmers when they compete with subsidized agriculture.
- The End of Poverty
- Running time
- 0m 37s
- USA, November 01, 2009
- Cinema Libre Studio
- About The End of Poverty
The documentary, The End of Poverty argues that global poverty did not just happen. It began with military conquest, slavery and colonization that resulted in the seizure of land, minerals and forced labor. Today, the problem persists because of unfair debt, trade and tax policies — in other words, wealthy countries taking advantage of poor, developing countries.
- About Joseph Stiglitz
- Professor at Columbia University
One of the most cited economists in the world, the former winner of the Nobel prize for economics is a professor at Columbia University. He was former Chief Economist of the World Bank and chairman of the U.S. President’s Council of Economic Advisers during the Clinton Administration.
In some countries, rapid liberalization and trade has meant that corn farmers have to compete with heavily subsidized corn.
Their income goes down — up to 50% as a result of that competition.
Sugar, each of the commodities we can talk about, the liberalization of the market — opening the markets to highly subsidized agriculture — drives down the price and forces these farmers out of business or if they stay in business leaves them with much lower income.
— Joseph Stiglitz