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Rent-seeking in agricultural policy revisited: a new look at the Common Agricultural Policy consensus
Studies in Agricultural Economics
It is generally believed that agricultural interventionism represents the payment of political rents to farmers. We attempt to show that the concept of political rent known as the rent-seeking theory is not valid for agricultural policy. It is not justified to identify the entire subsidies paid to agriculture as a 'political rent', since political rents cannot be taken to include payments for the supply of public goods or those transfers which compensate for market imperfections. Our work aimsdoi:10.7896/j.1801 fatcat:s4ymnivblrca7io2425624jjre