Harvard University's Timmer on Food Security

The transcript discusses the looming global food crisis, driven by rising oil and wheat prices. It compares the current situation to past crises, highlighting the role of protectionism. The G20 is seen as a potential platform for addressing food security through coordinated efforts. Commodity substitution and government intervention are proposed as solutions to prevent starvation and adjust market dynamics.

What is a major factor contributing to the potential global food crisis discussed in the video?

• Decreasing oil prices

• Rising wheat prices

• Increased rice production

• Stable vegetable oil prices

During the 2007-2008 food crisis, which countries were involved in speculative activities that affected rice prices?

• China and Japan

• Philippines and India

• Brazil and Argentina

• USA and Canada

What is a key challenge in achieving global coordination to address food security?

• Low oil prices

• Lack of technology

• Domestic protectionism

• Excessive food supply

What is the proposed role of the G20 in addressing the food crisis?

• To increase oil production

• To decrease global trade

• To ensure food security and reduce protectionism

• To promote local farming

What is one suggested method to free up wheat supplies?

• Increase meat production

• Use more rice as a substitute

• Expand ethanol production

• Reduce vegetable oil consumption

Why is government intervention necessary in solving the food crisis?

• Markets naturally prevent starvation

• Governments have no role in food security

• Governments can provide necessary incentives

• Markets are efficient in resource allocation

What is a potential consequence of diverting grain from animal feed to human consumption?

• Lower meat prices

• Increased grain exports

• Decreased food variety

• Higher meat prices