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The Common Agriculture Policy and Adam Smith In the wake of an increasingly globalized economy one that has seen the emergence of large trade blocs and common markets the nations of the world have been competitively forced into becoming more economically integrated year after year In light of hundreds of years of consumer theory this would almost certainly lead one to a conclusion of necessarily lower prices and more efficient production on almost all products However as is the case in many nations the European Union EU has succeeded in creating an artificial market for agricultural products through the use of a Common Agricultural Policy CAP It is the focus of this analysis to outline the framework of the Common Agricultural Policy of the European Union analyze strictly the negative effects it creates on welfare and exhibit such effects through the examination of one nations United Kingdom struggle with the Common Agricultural Policy In light of the CAP the controversy of government intervention has also have been a major issue Should the governments of the EU interfere with the agricultural market to help its own economy and what would Adam Smith think of this With disregard for the invisible hand the EU is directing the economy and the people The Common Agricultural Policy is a policy set forth by the European Union EU which is comprised of a set of rules that regulate the production trade and processing of agricultural products The CAP currently accounts for almost fifty percent of the EU budget however this number continues to decrease over the years The CAP is significant in that it symbolizes Europes switch from sovereignty on a national level to a European level The Treaty of Rome in July 1958 formed the foundation for a unified Europe via the implementation of the general objectives for the CAP The CAP was established as a means of rectifying the deficit in food production within Europe
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