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Essay / Research Paper Abstract
A 3 page paper discussing the effects that U.S. cotton subsidies have on the world cotton market, and particularly how the subsidies affect the law of supply and demand as well as the cotton producers in West African nations. The EU has agreed to end its high subsidies and now calls on the US government to do the same. Bibliography lists 5 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSeconCott.rtf
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Unformatted sample text from the term paper:
law of supply and demand dictates that as demand for a good increases and its supply decreases, then prices rise. As supply increases, even in the face of constant
demand, then the price will fall. This seems simple enough and indeed it is. In the case of the global cotton market,
however, there are other factors that affect the concept of supply and demand. US agricultural policy long has been accused of skewing the global cotton market, and of adversely
affecting developing nations trying to build their own economies in part by growing and exporting cotton. This is particularly true in the nations of West Africa, nearly all of
which seek to be cotton producers for at least a part of the worlds textile industry. Comparative Advantage Cotton is a highly undemanding
crop, one that can be produced efficiently without a great deal of high-end equipment or specialized growing conditions. In the U.S., cotton was considered to be the king of
crops in the days preceding the Civil War. It was labor-intensive then, and remains so now. In the U.S., present-day cotton farmers have the benefit of costly equipment
and so need far less human labor input to bring their cotton to market. The high costs of farming in the U.S., however, likely would have forced cotton production
out of the country by now had the government not been providing subsidies to cotton farmers. Cotton is an agricultural commodity, meaning that
its unit price is quite low. An unaltered market price would not be sufficient for American farmers to justify growing cotton in many cases, for the cost of land,
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