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Here is another article about the Saudi production of wheat. They are phasing out local production of wheat by 2016 because they were depleting their own fossil water resources.
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Thanks for the insights everyone. In summary, the market would correct itself if US Federal Subsidies no longer existed. Now a corollary to the initial question, what if those subsidies were given by the individuals States as opposed to the Federal Government. A County? A City? Would the same argument...
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Last night during the CNN/YouTube debates there was a question asked about supporting/opposing farm subsidies by the Federal Government. Obviously, the Austrian answer is to oppose subsidies of any sort by the Federal Government. Mitt Romney stated that he would support subsidies, because other countries...
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Except of course, also investors are children of the educational system. I'm not familiar with the people being mentioned, but I estimate them below 60 or even 50. So they went through schools and universities, while lots of ideological changes went on within Western countries. Part of this was putting...
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[quote user="Torsten"] People often think in the equation big_business = free_market / free enterprise. Instead they have actually often a vested interest in high taxes and many regulations. Since this makes economic calculation and entry more difficult for new smaller competitors. There may...