Article ID Journal Published Year Pages File Type
5103611 The Quarterly Review of Economics and Finance 2016 32 Pages PDF
Abstract
This paper analyzes the transition of Brazilian agriculture from low productivity and backwardness to its current status as a major player in international markets. Long-term investment in local agricultural technology was a crucial determinant of this transformation, but the impact of agricultural policy along this path was highly convoluted, often causing more distortions than progress. We highlight the importance of the underlying institutional setting on the impact of agricultural policy. The remarkable transformation in Brazilian agriculture only really emerged when inclusive and sustainable institutions created a fiscal, monetary and political environment in which those policies could succeed.
Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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