Agriculture remains an important industry to both developed and developing economies and is likely to become even more important in view of the rising global demand for agrifood and fibre. Unfortunately, many developing countries are still suffering from a lack of agricultural development, and in many cases the institutional backing for such development is missing. On the other hand, some developed economies excessively subsidize their agriculture, causing resource misallocation and market distortion. Australia's agricultural industry has developed from non-existence 220 years ago to one of the most advanced and efficient in today's world. It is one of the least distorted, receiving little government assistance. With chapters discussing the importance of protecting farmers' interests, encouraging entrepreneurial development, sustainability and setting up agricultural institutions, this book covers all important aspects of developing successful agriculture. It provides a comprehensive account of a success story to stimulate government policy makers, industry leaders, researchers, agribusiness consultants and students, in both developed and developing countries, to relate the Australian experience to their own agricultural development. Book jacket.
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