Word: glut
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Dates: during 1960-1969
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Certain staples of civilized life in the Western world-butter, for instance-may be in short supply simply because they will become too expensive to produce in volume. Otherwise, though, the '70s will be a decade with a food surplus, perhaps even a grain glut, that could lead to agricultural depression. Whether hunger is eliminated, however, depends upon the mechanics of distribution-a problem for politicians and economists, not for agricultural technicians...
...hates the bureaucracy for having interfered with this sacred relationship. His "Twenty Manifestations of Bureaucracy," one of the papers acquired by the U.S., is among the fiercest diatribes of its kind in modern history. In it, Mao inveighs against those who are "divorced from the masses . . . rotten sensualists who glut themselves for days on end . . . engage in speculation . . . call a doctor when they are not sick." In sum, bureaucrats are "eight-sided and as slippery as eels...
...major reason for the glut is bumper crops resulting from good weather. On top of that, the major exporting nations, except the U.S., have expanded their wheat acreage. In Australia, for example, the amount of farm land devoted to wheat has doubled in the last five years. Improved technology and a new high-yield strain of dwarf wheat have greatly reduced the annual import needs of food-shy India and Pakistan. Both countries now expect to become self-sufficient in wheat production by the mid-1970s...
...Storage. The emergence of new exporting nations makes the price of wheat more sensitive than ever to the harsh pressures of supply and demand. In 1961, when the world wheat glut reached a record 1 billion bushels, the surplus consisted exclusively of U.S. and Canadian produce stored at North American facilities. Today, surpluses are also piled high in Australia, Hungary, Bulgaria, the Soviet Union and Common Market countries. Most of the new exporters lack both the storage capacity and the inclination to retain their surpluses in order to stabilize world prices. As a result, the 1968 International Grains Arrangement, which...
...article "The Global Glut" [May 9], you say that "agricultural technology has shown that the Malthusian apocalypse of starvation can be avoided...