IS FOOD INFLATION SECULAR OR CYCLICAL? PART I

Chinese food supply has been driven by free market policies. Does its reversal signal food inflation is secular?

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The Chinese Communist Party took power in 1949. In 1955, the collectivisation of farming land, and forced industrialisation of China caused a huge famine that is estimated to have led to 20 to 50 million deaths. In 1970s a virtual civil war was also marked by severe famine in death. That the Great Leap Forward and the Cultural Revolution caused huge amounts of death and famine is widely known. I had assumed that when I began to look at Chinese food supply, I would see a marked convergence in Chinese farming yields to Western farming yields beginning in the 1980s.

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