Common Agricultural Policy
Common Agricultural Policy: CAP. The European Community’s comprehensive system of production targets and marketing mechanisms designed to manage agricultural trade within the Community and with the rest of the world. The mechanism for financing the CAP is the European Agricultural Guidance and Guarantee Fund. The CAP's stated aim is to encourage stable agricultural market conditions, a fair standard of living for farmers, reasonable prices for consumers, increased agricultural yields and better labour productivity. Its implementation was always difficult because of the attempt to mix social and economic policies. The CAP succeeded spectacularly in increasing yields and returns for many farmers, but it led to widespread disruption of global markets because the increased output, produced at high cost, could only be exported with the aid of massive export subsidies. It did little to stem the trend towards amalgamation of smaller farms. The CAP also led to high consumer prices in the EEC for agricultural products and has contributed to fiscal deficits there. See also Agenda 2000.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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