The Rice Price Spike of 2007-2008 (Optional)
In 2012 another wave of food price spikes has been hitting the world. Here is what happened last time, and why it may well happen again.
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Q. 1. Countries may exacerbate the problems created by a rice shortage:
A. By placing import restrictions on rice
You mean, 'export' restrictions? Placing import restrictions would certainly increase domestic prices even further, but what country would do that...
+1 on this. Seems there was a glitch...
There are a few glitches like this one.
Actually Japan did engage in import restrictions and the U.S. brought a WTO case against them for it that resulted in them being required to purchase U.S. rice which they refuse to give to their citizens so they created a strategic rice reserve which is how we got out of the global crises that wasn't. Check out Planet Money on NPR for a more in depth report.
yes, the question didn't cover what the material said was the problem