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South China Morning Post: China’s Crackdown on Agricultural Subsidy Fraud: Ensuring Food Security

Article published: 4 December 2023

IB Economics Syllabus: Microeconomics (market failure, government intervention)

China’s agriculture ministry is taking decisive action against subsidy fraud in the agricultural sector, as reported by the South China Morning Post. This crackdown is part of a broader effort to stabilize agricultural production and ensure food security. However, the discovery of fraudulent activities, including the sale of substandard equipment, highlights the complexities and unintended consequences of government intervention in the market.

IB Economics (IA) Commentary Suggestions:

In your IA, analyze this situation using the market failure diagram and the concept of government intervention. Discuss how the subsidies, intended to correct a market failure, have led to inefficiencies and misallocation of resources. Evaluate the balance between government support and market efficiency, and the broader implications for food security. The key concept to focus on is intervention.

Source of image: Xinhua

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