Writing in the Wealth of Nations in 1776, Adam Smith stated that, “corn is a necessary, silver is only a superfluity (sic).” Faced with a growing population and flattening agricultural productivity, essentially what Smith was pointing out was the world needed more corn and less silver.
Things have changed in the last 240 years. Now the world seems is awash in corn—we’re almost about to buried in the stuff.
–SNIP– What’s going here? The answer comes down to one word: subsidies.
Read more by Kevin Cochrane at weeklystandard.com