Chicago Board of Trade Corn pit. 1993'The deregulation of global agricultural markets was part of the economic deregulation driven by the World Trade Organization (WTO), the World Bank and the International Monetary Fund. It was a process initiated by the Breton Woods Agreements of 1944 to standardize international trade and marketing policies to facilitate global trade [9].
'It eliminated government intervention in agricultural markets, dismantling global commodity agreements, price supports, and other mechanisms that had helped stabilize global supplies and prices. The WTO’s Agreement on Agriculture, and other multi-lateral and bilateral free-trade agreements including the North American Free Trade Agreement (NAFTA), opened up markets in the developing world to an increasingly powerful global agribusiness industry.
The consequence of deregulation was [10] “to replace local market access for the majority of small farmers with global market access for a few global transnational companies. Thanks to non-existent anti-trust enforcement and rampant vertical integration, [t]hree companies - Cargill, Archer Daniels Midland (ADM), and Bung - control the vast majority of global grain trading, while Monsanto controls more than one-fifth of the global market in seeds.”'
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