The Reorganization of International Agricultural Markets consists of two aspects, one of which is the reorganization of institutional and policy frames of the markets, and another is the restructuring of the industries comprising the markets. The former has been embodied in the WTO regime, while the latter is examined as the industrialization and globalization of agri-food sector in this article. The essential meaning of the industrialization is recognized as the intensive expansion of the sector, which the agri-food businesses have initiated in order to overcome the over-accumulation of agri-food capital by creating new space for intensive accumulation. On the other hand, the globalization of the agri-food sector, in its essence, is recognized as the extensive expansion by spreading the commodity chains into developing countries and transition economies. In the U.S. grain industry, industrialization has led to the emergence of the limited number of diversified, oligopolistic, and vertically integrated grain marketing, trading, and processing firms, which are named grain complexes by the author. As for the globalization dimension, the U.S. agri-food businesses have been growing basically as a "multinational multi-domestic" type of global corporation which source the raw material agricultural commodities, and then process and market their products mainly in the host countries. The basic features of the U.S. 1996 Farm Bill and the WTO agreements, both of which have been leading to the reduction and even abolishment of the agricultural price and income programs linked with production and market prices in the U.S. and abroad, are well-matched to, and even driven by, the economic interests of the U.S. multinational agri-food businesses with such characteristics as mentioned above. In recent years, however, especially after the drastic fall in the agricultural exports and prices triggered by the Asian economic crisis in 1997, the contradiction immanent to the decoupling transformation of agricultural policies has emerged, and the struggle between the pursuit of decoupling and the attempt of recoupling is becoming the case.
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