World Trade Organisation rules US cotton subsidies illegal
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In another chapter of the never-ending story of global trade normalization, globalization, protectionism and the world economy, the BBC is reporting that the World Trade Organisation (WTO) has announced that cotton subsidies are illegal and must stop.
I can already hear you, dear reader, saying “so what?”. In fact, there’s a very big “so what” here in the United States because the United States government spends a lot of money subsidizing cotton production. How much? We’re talking billions. Specifically, In 1992, America paid cotton producers $1.62 billion, $2.3 billion in 1999 and $2.06 billion in 2001, according to the U.S. Department of Agriculture.
To put these numbers in context…
Please continue reading about WTO, cotton subsidies illegal, free markets and free trade at The Intuitive Life Business Blog.
