Word: glutting
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...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...
Beyond Western Europe and the U.S., there is an almost global glut of grains. Major advances in farming-such as the use of high-yield wheat strains in Asia, improved fertilizer and increased irrigation-have coincided with successive years of beneficent weather to produce a bumper crop of wheat. India and Pakistan, both traditional grain customers, have increased wheat production by 40% since 1966 and are now near self-sufficiency. The total stock in wheat-producing nations is 51 million metric tons, or almost the same amount of wheat that has been exported annually in world trade...