Producing more, selling more, adding value and increasing the safety and security of what we trade are all ways the College is growing our economy. Food and natural resources are more expensive today than in the past in part because the population and economies of the world are growing.
The United States has greater competition in the global marketplace because more countries are producing goods. As a result, their citizens have more disposable income. This provides us with an opportunity to reach new markets, use technology and innovation to add value to existing products, and create new products to meet previously unseen needs.
We must do this in a way that ensures consumer safety and the security of global interests while protecting the environment from increased pressures on land, air and water needed to produce more food and fiber.
Among the myriad of products and service and manufacturing systems, the College of Agriculture and Life Sciences is uniquely positioned to lead in the innovation and implementation for food, energy, and health-related industries.
What is Growing Our Economy?
Global Dynamics Impact Agricultural and Food Industry
Globalization, the growing openness and integration of world economies over the last 10-15 years, is forcing shifts in the allocation of world resources and in the pattern of world production and trade and creating new ways of doing business, new opportunities for growth, new problems to be resolved, and new issues and concerns for producers, processors, wholesalers, retailers, importers, exporters, government policy makers and all associated private and public sector groups.
In world commodity markets, the trend toward interdependent globalization is forcing dramatic changes in how agricultural commodities get transformed and delivered to consumers. Because not all commodity systems are globalizing at the same rate or in the same way, globalization is having differential effects on markets for agricultural commodities, energy, and other natural resources, leading to additional uncertainty as producers and businesses struggle to adjust to the rapidly-changing global conditions and systems.
Meeting the resource needs of this growing world economy will place additional stresses on our global environment. The demand for energy, water, and land will all increase concurrently with possible changes in the amount of these resources that are available. The increase in production volume and efficiency will need to be done in such a way as to not increase needs of other resources and without producing adverse effects on the environment.
Economic growth can only be achieved through an educated, healthy, and engaged/responsible population. Whether this population is in the US or in another country, the interconnected global marketplace demands we consider the needs of all people. A growing economy can reduce poverty which reduces hunger and makes for a stronger economy.
Due to the oncoming population growth, the concern of food security and our own national security is also an opportunity to explore markets, people, and business opportunities previously inaccessible or unknown. Research in product development of new foods for cultures across the globe as well as providing highly nutritious foods to countries in need will become a critical driver for economic development. Issues related to resources and growth ultimately come down to the question of how does an economy sustain growth in light of finite resources. The future will need to consider the relatively poorly-understood interconnectedness of our global ecosystem as well as new, currently unknown resources and technologies that will change the current paradigm.