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Tuesday, October 16, 2007

Market Responds to Money, Not Hunger

Today we (theoretically) celebrate World Food Day and its theme, The Right to Food. Unfortunately, it passes without fanfare and with the same notice paid to the 854 million hungry for whom it was established. The Universal Declaration of Human Rights was signed almost 60 years ago, and yet we still have so far to go to ensure people's basic rights and needs (like food and health).

So, how do we guarantee food and other basic rights for all? It's the market stupid!

But the magic benevolent hand of the market hasn't fulfilled this duty we assigned it. Some of us have a hunch as to why, though. The hungry, and more generally, "the poor can't exert 'market demand,'" because the market responds to money, not to hunger.

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