The
1943 Bengal famine has been cited by Amartya Sen and others as a
classic example of market failure. But in his new (and excellent) book Eating Dead People is Wrong, and Other Essays on Famine, Its Past, and Its Future, Cormac Ó Gráda devotes an entire chapter to that episode and comes away with a different impression. Here is a summary sentence:
- See more at: http://marginalrevolution.com/marginalrevolution/2015/02/the-causes-of-the-bengal-famine.html#sthash.fa4FLhie.dpuf
The 1943-44 famine has become paradigmatic as an “entitlements famine,” whereby speculation born of greed and panic produced an “artificial” shortage of rice, the staple food. Here I have argued that the lack of political will to divert foodstuffs from the war effort rather than speculation in the sense outlined was mainly responsible for the famine.I will add to that price controls were imposed once the famine was underway, and campaigns were conducted against hoarders.
- See more at: http://marginalrevolution.com/marginalrevolution/2015/02/the-causes-of-the-bengal-famine.html#sthash.fa4FLhie.dpuf
"The 1943 Bengal famine has been cited by Amartya Sen and others as a classic example of market failure. But in his new (and excellent) book Eating Dead People is Wrong, and Other Essays on Famine, Its Past, and Its Future, Cormac Ó Gráda devotes an entire chapter to that episode and comes away with a different impression. Here is a summary sentence:
The 1943-44 famine has become paradigmatic as an “entitlements famine,” whereby speculation born of greed and panic produced an “artificial” shortage of rice, the staple food. Here I have argued that the lack of political will to divert foodstuffs from the war effort rather than speculation in the sense outlined was mainly responsible for the famine.I will add to that price controls were imposed once the famine was underway, and campaigns were conducted against hoarders."
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