Growth specialization and organization of world agriculture

The chapter sketches out the fast growth of production and productivity in world agriculture from 1800 to present and discusses the contribution of 'capitalism' to it. It argues that the adoption of modern property rights was very important, while capitalist farms as such were not particularly efficient and thus did not spread. It also deals with the (modest) contribution of modern financial institutions to agricultural development and with the role of the state. it contrast the beneficial effects of investment in R&D with the welfare-damaging subsidization to agriculture in most advanced countries