ARCHER DANIELS MIDLAND: PRICE-FIXER TO - AgEcon Search

85 Pages·1999·0.44 MB·English

DNALD ISMLEIN ARDEHCRA :
RE XOI TFDE-LHERTCOIWRP
(Third Edition)
by
John M. Connor
ffa trSepa0P1-89
May 1998
scimono clEarutlucir g fA.otpeD
ytisrev ienuUdruP
Purdue University is committed to the policy that all persons shall have equal access to its programs and
employment without regard to race, color, creed, religion, national origin, sex, age, marital status, disability,
public assistance status, veteran status, or sexual orientation.
:DNALD ISMLEIN ARDEHCRA
REEC XIOI RTDFEPLHRTOW
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nrh oo.nJMnoC
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5411-70 9a7n4ai d,neItteya ftasLeW
ude.eudrup.nocega@ronnoc
rfefpa at0#PS1-89
89 9y1aM
tcartsbA
Both tekram erutcurts dna etaroproc secitcarp fo rehcrA sleinaD dnaldiM deretsofeht
noitatnemelpmi fo eht tsegral gnixif-eci rspeicaripsnoc nees ni nredom .semit ehTsegrahcrevo
desopmi srotaripsnoc-oc sti dna MDA yb 5991-4991 gnirud dica cirtic dna enisyl fo sreyub .S.U no
detnuoma lagel dna ,segamad etavirp ,seitlanep cilbup fo tnuoma latot eht dna ,noillim 052$ tsael ta ot
costs evif era taht serusopxe yratenom ecaf won gnixif-ecirp fo srotartepreP .noillim 047$ sdeecxe
semit .S.U yb noitnetta dewener derrups evah stneve esehT .sreyub ot desuac mrah eht fo tnuoma eht
.slet rlaacnoitanre tgnniituces osnreipitiroh ttusaurtitna
:sdrowyeK ecirP rehcrA ,yrtsudni hcrats ,gnillim nroc-tew ,sreneteews ,dica cirtic ,enisyl ,gnixif
sleinaD ,dnaldiM tekram ,erutcurts yloponom ,egrahcrevo tsurtitna ,wal lagel
.ec it tnfseoumJtr a .p,Ses.DeUgamad
thgirypoC © yb nhoJ ..MronnoC l l. Adtehvgriers e rsred ayeaRm me ikstaeamibproe cvfosiht
tnemucod srae pepcai ttohngiry ps oit chadthetdiv o,rsp n sayyeenbsmaop rluapicremmoc- nroonf
on ylirassecen ton od yeht ;nwo s’rohtua eht era repap siht ni desserpxe sweiv ehT .seipoc hcus lla
.nier edhebircs esdes aw cae l hndtievlov nliesnu o rocyottr ay p nfsaowe ie v hodttnopserroc
i
eniltuO
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
ehsTtekraM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
enisyL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
dic AcirtiC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
nsrroeCneteewS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
dnaldi Msleina Drehcr Af oeliforP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
gnixi Fecir Pgnitatilica Fsnoitidno CcimonocE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
scinahce Mdn aygolonorh C:gnixi FecirP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
enisyL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
dic AcirtiC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
nsrroeCneteewS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Other Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
seiruj neI hgtnirusaeM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
w ae Lhd tnyaroe hcTimonocE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
seus snIoitamit slEaciripmE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
sdra weAtavi rdP nsaeitlan ecPilbuP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
snoisulcnoC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
secnerefeR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
seigolonor h :CxAidneppA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48
MD Adn aenisyL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49
dic AcirtiC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
pu rn yreSosCotc uhrgFiH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
noini ptOrep xsE’ronn o.nCMh o:xJBidneppA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82
ii
ARCHER DANIELS MIDLAND:
REXIF-EC IORTP EHTDLROW
yb
nrh oo.nJMnoC
noitcudortnI
ehT gnixif-ecirp lanoitanretni egral eerht fo noitarepo eht ebircsed ot si repap siht fo esoprup
seicaripsnoc ng sgrntnoicicvul-l dltodoievnrmwnapi oetzylan aa rebmu nfo lage lcdinmaonoce
seussi tekram dna rof stekram eht fo noitpircsed feirb a htiw snigeb repap ehT .stneve eseht yb desiar
structures fo ,eni scyilrti c,dica dna .nsrroecneteew s A tro hesliforp fo reh csrlAeidnnaaDldiM
setacidni roivaheb evisulloc sselkcer ot detius llew erutluc etaroproc dna pihsredael a htiw ynapmoc a
dna .emehcs a hcus tuo yrrac ot yrassecen serutaef eht lla ylraen dah taht stekram ni denoitisop llew
ehT eht morf elbissop si taht sa raf sa seicaripsnoc eerht eht fo noitarepo eht selcinorhc noitces txen
rep aspi h ftnooitc elsan i ef. hsTdroc ecrilbup gnidnuorru sseuss icimonoc edn alage leh tsenimax e
.es asci hnstiegam atdsurtit nfnaooitamit sreepo repht
:snoisulcn orcoj aemv isf’rep aep h ytdbetartsnom e sdsicip oetse h fteocnatrop meihT
C MDA saw ta eht retnec fo ta tsael eerht lanoitanretni gnixif-ecirpseicaripsnoc
gnivlovni gn i,ls lticmu-d noar rco:prc5i-9ct9 e1,w-e2n9i9s 1yclirtic ,dica dnanroc
. S es .nhr.Uites yrueBneteews tsrif eht rof noillim 543$ ot 022$ degrahcrevo erew
two products alone.
C ruof ni sexif-ecirp tnsIegral eht raf yb era eseht ,diap segamad yratenom eht fo smret
.sedaced ;detnedecerpnu erew srotaripsnoc-oc sti dna MDA yb diap senif eguh ehT
erutuf naht erom hcaer dluoc segamad dna senif fi semit ev detareneg segrahcrevo eht
.ycaripsno cayb
C ehTnaht erom gnitagitsevni otni )JOD( ecitsuJ fo tnemtrapeD eht derrups evah stneve
r osfletr ayctidomm olcanoitanret n0i2 ,ses aM cDe Ahe tc.n ginSix iefci rlpanimi rc
.detuces oddrneparevo cn nee uevsbalhet re arrcoumof
C MDA tnemeganam secitcarp evah neeb dellac otni ;noitseuq s’MDA draobfo
directors ’”sa a r ;et Ed trareeMhd e hgDgnvytnAiAoa an “m;he rcboewvMtoDA
sreganam n reeo eveb arrh o udmsonefaitla ntespurti tlnaanim isrucoi rgensi cearfa
.dua r ffdoetcivn o eclbliw
C esehT rof noitidnoc tneiciffus regnol on si noititepmoc tropmi taht etartsnomed stneve
good citsemod noititepmoc dna taht seinapmoc htiw yltsav tnereffidetaroproc
serutluc dna yllabolg desrepsid snoitarepo nac ylisae nrael ot .eripsnoc ehT
.r env aedhetd ee e rsns owitmaslurti t ehnfhcao talearirotirretartxe
1
stek reahMT
enisyL
enisyL ,sgoh ni tnempoleved elcsum nael dna htworg setalumits taht dica onima laitnesse na si
,yrtluop on sah tI .)B xidneppA( noitirtun namuh rof desu si noitcudorp fo noitrop llams a ;hsif dna
setutitsbus needrr nnoa. iacs,st synrgl uoo loFhe lmnnaa iimsssnyila t on lsonalcaeaem b,tyuobs
reported eot tu n tra: lioeleatfba bnsye0obom0 ius1 tts.acib erllftarueenMp = 79 .b lnroc + 3.bl
.enisyL d el ea.fmei ttuptOi tltssa oibeanum sydeonnsai sd yesled neyerftl uysoaeps cr ue omsoS
ycneiciffe soita rni s09 9e1rew 5.3 ot 8.3 .bl ro f,sgo h8. 1, srroe fldinoar b7.2 rsoyfekr uttalausu
.sthgi erwethguals genhitc utdaehrw e,m s o e0es dc8hdin9temi1rsr u ecsvceaonhi ltcneadcifi ngiS
dnamed rof .enisyl devorpmI citeneg sepyt fo sgoh dna yrtluop won nac brosba tuoba 3 .blfo
not/enisyl ”devorpmi“ erew %05 ,sgoh roF .deef fo not/.sbl 2-1 ylno sdeerb lanoitidart tub ,deef fo
a-enisyl-hgih( sdeerb yrtluop tsoM .5991 ni %08 tuoba ot pu ,.S.U eht ssorca 5891 ni sepyt )gnibrosb
ni cgi ntdienn nais . eloysegcicdnetneidae esri ,fychsl itu-b fihhrytfwTgod n eisaeehbesrarurluac
.s0 9e9 t1rael tgfnaiw ohltsw oerngi s ryeo lrfsetwceps o er,hprt etvsoo mnloaitutitsbus
emitemoS derevocsid )otomonijA ylbaborp( ynapmoc ygolonhcetoib naisA na ,s0691 eht ni
aegra lgnitropm iere wyeh t,s089 1eh ty B.enisy lotn iesortxe dstrevno ctah tssecor pnoitatnemre f
enis ydlecirp-hg ighnitrop xde nsarell inmr otc e.wS .rUeh tdo nMa DmAo refsortx e fdsoeititnauq
kcab ot e h.tASU n, I9n8e 9hM n1wDeoAd i assod m titl etic,istnnerutsia dubirslntiypiaflceD
nillI ,sio ereht erew eerht tnacifingis srecudorp fo enisyl ni eht .dlrow ehT tsegral htiw tuoba06
tnecrep fo AS nasrO rentrap erutnev-tnioj sti htiw rehtegot ;napaJ fo otomonijA saw selas dlrow fo
,ecnarF ,ellivyddE ni )yticapac sennot cirtem 000,21( tnalp enisyl .S.U tsegral eht detarepo otomonijA
Iowa. ;okkaH awoyK saw ,tekram enisyl s’dlrow eht fo htfif-eno tuoba htiw ,mrif esenapaJ rehtonA
s’awoyK ,uaed ay errnpioiaG tC)csaef n0n0o 5tr, e7dl(e ltaaam rs,eapwooy K,oyirBaidi s .bSu.sU
aeroK ni tnalp eno htiw nrecnoc naeroK htuoS a ,nowiM saw rerutcafunam gib driht ehT .iruossiM
.eni ssy’ldl r eotfhwnotec rt5eu1p oeb dataamht fo tnecrep 06 tsomla detropmi .S.U eht ,9891 nI
edar gs- ed fne0one0 of0st,t0i4 r .efSio .ldU penr.p m i orunuseajas osahaeewnwtmynio iMcsyl
,stropmi htiw rellams snoitrop fo .S.U stropmi morf otomonijA ni napaJ dna a awoyK tnalpni
stropxe dna noitcudorp .S.U elacs llams htob edam dnuop rep 56.1$ tuoba fo secirp enisyL .ocixeM
.elbatifo repti uaqi smAorf
s’MDnAI fo noitapicitna ni spahrep dna tekram enisyl .S.U gniworg yldipar eht ot esnopser
.1991 yb sennot 000,31 dna 000,02 ot stnalp .S.U rieht pu delacs awoyK dna otomonijA ,tnalp wen
However, s’ MtDnAal pdah a 0 0 y 0etd,ni e7ncnt4oaee tphl yawpnr cmia.ou1cr9b9e1F yByluJ
1991, ylraen dehcaer ti ,rebmeceD yb ;yticapac fo tnecrep 05 tuoba ta tnalp sti gnitarepo saw MDA
lluf ,yticapac hcihw saw lauqe ot latot .S.U enisy lnoitpmusnoc ni 1991 000,84( .)sennot MDA
saw tnalp rutaceD ehT .aciremA nitaL dna ,aisA ,eporuE ot noitcudorp sti fo flah revo llew detropxe
ylkciuq d edn a o p0tsx0ee0n,n0 o6nti 299 10ds0ne0an,n3 o1nt 1i ,s3e9 l9ta 1acshss’tlMaDvAir
thought rehto eht naht erom tnecrep 03 ekam dluoc tnalp elgnis s’MDA ,3991 yB .elbissopmi eb ot
.denibm odclr oew h ntsitna lnpet
2
MDA tuoba deniag ylkciuq dna 1991 yraurbeF ni enisyl fo rerutcafunam .S.U driht eht emaceb
50 percent of the U.S. %01 saw s0991 dim eht ni noitpmusnoc enisyl .S.U fo htworg laeR .tekram
;.a.p eht .S.U tekram dehcaer 033$ noillim ni ;5991 eht dlrow tekram saw tuoba 006$.noillim
yrtsudnI eht syas tivadiffa 6991 a ;.bl/58.0$ woleb ta noitcudorp fo tsoc 5991 s’MDA ecalp strepxe
neve-kaerb ecirp eht nehw sessol egral erew ereht ,3991-2991 ni taht syas ercatihW ;.bl/66.0$ si tniop
dehcaer elbanosaernu ton si .bl/66.0$ fo MDA yb noitcudorp enisyl fo tsoc lanigram a ,suht ,.bl/06.0$
nehw re uht ttnga anc .liesypt Da talwtiraacemapi potapc oy slse’b thyannTnbaaaoilprspmpAoc
.sle vt esrloe ch dgteiatharepo
llA sgend iittsuiorbw aeht . Se. nU ti5 es9gky 9nrle1iae-rmr2u g9dta9a1ht ti sah aylhgih
concentrated .g tn ycis luduno da oipgord,eonrte4ng ip i9ei Mral9gl8Dup1oo4ADpm uoosht45
tnecrep puorG noweS dna ,tnecrep 12 ot 61 awoyK ,tnecrep 32 ot 22 otomonijA ,tekram .S.U eht fo
5 n0ne 0 oeds30iwna30ttaw7aen 3rb ixtnena demfnchoInsor ciH - .lothtn ae0 dc1nr ieefphrTeH
those gnidliuB .hgih etiuq osla erew reilppus htfif a rof yrtne ot sreirrab lacinhcet ,noitidda nI .sraey
erehT .tnemtsevni latipac knus fo mus egral a evlovni dna sraey eerhat ro owt ekat dluow tnalp wen
erewnoitartnecnoc lanoiger fo setamitse detad emos ;enisyl gniyub srerutcafunam sdeef lamina ynam
wohs mrif-ruof noitartnecnoc )4RC( saw 06 ot 07 ,tnecrep tub lanoitan noitartnecnoc sawhcum
.rewol de t snrtuorofo c ptc2mna5Iec rfeop eh t.tSe.kUr anmi 499 1dn ayln o t6n4ec rnei,p5991
.ycaripsn oecci rep h ftsorebm enmai seAer het hmto refm asctrop mli ltaub
gnidarT e r,ten u h wtbettoero nkane kr nda siemnedssihoyu thlgtne imsdynnuoabiti dnoc
eht eb ot raeppa snoitaitogen ytaert etavirP .sisab raluger a no secirp fo secruos edart ro cilbup on si
.gnici r fpdooht ermojam
cidritciAC
sectniCahne dna ,srovalf sexif ,sezilirets taht sevitidda doof fo ssalc a ,tneludica na si dica cir
srovalf redniamer eht dna segareveb dna sdoof ni desu si dica cirtic lla fo sdriht-owt tuobA .)ronnoC(
.stneludica edarg-doof rof tekram ehtn foi tnecrep 08 naht erom rof stnuocca dica cirtiC .stnegreted
.smr osftl ads n,asuordyh n,adiuq i nldil o sstiI
dlroW y tic anpi a1c99 1s gatnwui o d enrsbtu1,hoedael.ntimnic1olruvxiloooenifpS(Ub
hcihw tuoba yb werg yticapaC .)yllanoitanretni edart ton seod esac yna ni dna yticapac on evah yam
saw noitpmusnoc labolg 7fo erahs .S.U ehT .5991 ni sdnuop noillib 4.1 gnihcaer ,raey rep tnecrep
yltsom( noitcudorp rieht fo tnecrep 8 tuoba detropxe stnalp .S.U 3 .s0991 ylrae eht ni tnecrep 33 ot 2
to dn aeporu Enretse Wmor fyltso m,noitpmusno c.S. Uf otnecre p5 2tuob adetropm idn a)adana C
.yekr udT n,alear s,Iani hmCo rsfera hrsonim
gniruD ,5991-099 1ereht erew ylno eerht . Ss.rUerutcafuna mfo cirtic .dica nnamraaH&
fyoraidisb u,as.pr orCemieR o w nteid admi ccairt idcl o,s GrAey ayBnapm olcacime hscsi weS ht
nretsewdiM & nnamraaH .reyaB fo yraidisbus .S.U rehtona ,seirotarobaL seliM yb detarepo stnalp
reyaB/remieR dleh a y2tt 4nieecrcaarpheas pcfo n.oSi. tU np damnniuiads an1no9ac9hC1cihw
denilced stnalp owt gniyub yb tekram .S.U dna dlrow eht deretne MDA .5991 yb tnecrep 23 tuoba ot
morf rezifP ni rebmeceD 0991 gnola htiw eht lacinhcet esitrepxe ot etarepo eht .stnalp s’MDA
3
yticapac 73 tuoba ot denilced tub ,tnecrep 94 tuoba yllaitini saw tekram naidanaC-.S.U eht fo erahs
. 5 t9nn9ie1crep noitazilitu wol ta etarepo stnalp eht fi serahs selas etatsrevo yam serahs yticapaC(
rates).
deretne lligraC taht si deppils serahs s’MDA dna s’remieR & nnamraaH taht nosaer niam ehT
tnalp taht gnidnapxeeht yltnacifingis dna 0991-8891 gnirud awoI ni tnalp wen a gnidliub yb yrtsudni
ni ,1991 ,3991 dna .5991 s’lligr ayCticapac erahs fo eht .S.U - adanaC tekram saw 61 tnecrepni
1990, rof gnitsujda ,5991 ni ,suhT .5991 ni tnecrep 33 dna ,4991 ni tnecrep 82 ,2991 ni tnecrep 81
,stropmi lauqe tsomla htiw tekram .S.U eht fo tnecrep 09 tuoba dellortnoc srecudorp .S.U eerht eht
yam llaigmraC dna MDA ,gnillim nroc-tew otni detargetni yllacitrev erew yeht esuaceB .serahs tekr
.n o ei svtrdtace ashuwfhodoocolrp
-nenhTamffoH dna airtsuA fo reualznubgnuJ erew tekram .S.U eht otni sretropmi tsegral owt
ehcoRaL 71 a ti evag ynamreG dna ,ecnarF ,airtsuA ni stnalp eerht s’reualznubgnuJ .dnalreztiwS fo
s’ehcoRaL-nnamffoH .srerutcafunam .S.U eerht ehtto fo taht elbuod tsomla ,erahs dlrow tnecrep 91
naigleB esehT .5991 ni tnecrep 11 ot nwod ,1991 ni yticapac dlrow fo tnecrep 51 rof detnuocca tnalp
two seinapmoc erew eht tsegral dna tsom tnetsisnoc sretropmi ot eht .S.U .tekram A puorgfo
tnemnrevog -wol htiw ,s0991 ylrae eht ni tekram eht deretne ylevissergga srecudorp esenihC denwo
decirp ot meht desuac )lligraC ro MDA yb detagitsni yldetroper( slasirper edart fo staerht tub ,dica
.aisenodnI dna ,yekruT ,learsI ,ylatI ni detacol erew sretropmi cidarops erom ,rellamS .tib a kcab llup
.s0 9y9l1 r etanheeitk rdalm r etofhnwote c d 5roe06etl7plort nsorcerutcafu nea v mpieofhtT
dnuop rep 18.0$ erew sniatnuoM ykcoR ehtnI fo tsae dereviled dica cirtic fo secirp tsil ,8891
suordyhna 36.0$ eht ot yllacitamard llef secirp ,yrtne lautca dna gnidnepmi s’lligraC htiW .tnelaviuqe
to 3 7 e.gg0nn $i a0r.r9u)9dR1MC( n I,1991 asei r sedfese osteeaac,r eiileyrtrlwbcipinngiiraC
hcihw remieR & nnamraaH dna ,lligraC ,MDA yb stnemecnuonna ralimis fo larips a yb dewollof erew
hguorht .3991 morF tah wetipse d58.0 $t akcut sdeniame rsecir ptsi l,599 1f odn eeh to t399 1eta l
RMC ’sretropmI .yttops erom si secirp snoitcasnart lautca no noitamrofnI ”.seilppus elpma“ dellac
secirp nur tuoba 2 ot 4 stnec ,rewol htiw eseni hsCtropm iresolc ot 6 stnec rewol naht tsil.secirp
gniruD rewol stnec 8 ot 5 tuoba eb ot detroper era secirp snoitcasnart .S.U ,ylppus lamron fo sdoirep
naht tsil ,secirp htiw eht pag gnisolc ot sa elttil sa 1 tnec ta .semit nI a 4991 tnemnrevog,troper
d icciar tr4io 0c fd8 oe.ett0br$o pe ersreewc isre plcaistsemod dna s,tsitl arso t5n escsreenlpaht
tsilsecirp ’sretropmi ,desopxe saw letrac eht retfa 6991 fo shtnom xis tsrif eht nI .raey taht ni secirp
.3 3 8t 7o.uml.t0ool0$bre$aff
srenete enwrSoC
:srenetee wnsr orcoj aemer hlt l faroerutcafun asaMmiDA e,se osdt onc,rauetr sxfoecdulg
(Connor). e s yo l rdlstlaixome srDrno einmdrw oo dfpenrae hsti e n miarlol fawfte-osnhygrich
esotcurf reneteews gnidael ehT .smrof purys ni dlos era SCFH dna esoculg tub ,)SCFH( purys nroc
dna ,esotcal ,esotlam era sragus gnirrucco yllarutan ronims eeirhT .steeb ro enac morf edam esorcus
.lotilyz rehto rof tub ,gnissecorp doof ni sesu euqinu emos evah sreneteews evitirtun eseht fo xis llA
.yratnemelpm o ecnb ayce hstesu fl ol,aslev eslsentee weser hndtiecudo rypllaicremm osSciC FH
hcihw e rraete e;nw easeshsot orysctrpuxaule nrgdniy rds)or”cop“(u reymsoc nil aniectremmoc
4
ll a,smrof de rrr eeae.r hdhea8tnt s1ea ho gtft c re syosoenidtreskteahnxarellwhwaeoluAstdmb
smrof ro ,seotatop ,taehw morf tub setatS detinU eht ni nroc morf edam( sreneteews desab-hcrats fo
rseehhtcora tn.si) sreeihrttonuoc
The U.S. s ecn inn roo st titre9, lu em.esloyn4giibre 1r maettah ve elcrenkrowrrafsoatcms
yrev ylno nworg sah tub sennotni 000,007 tsomla ot detnuoma esortxed fo noitpmusnoc .S.U .5991
ylwols 52( tnecrep morf 0791 ot .)5991 esoculG )”nroc“( spurys tnuocca rof 52 tnecrep fonroc
reneteews ,egannot htiw noitcudorp pu 051 tnecrep ecnis .0791 SCFH si won yb raf ehttsegral
tnemges .S.U eht fo eulav latot ehT .0791 ecnis gnirrucco htworg sti fo lla ,)emulov yb tnecrep 86(
corn tnecrep 28 hcihw fo ,)secirp ’srerutcafunam .b.o.f ta( noillib 9.2$ saw 2991 ni tekram reneteews
. SsCaFwH
emuloV .derrucco nwod wols dekram a nehw 0991 ot pu ralucatceps saw SCFH fo htworg
Growth eht gnirud spurys esoculg fo htworG .raey rep tnecrep 8.3 ylno degareva 5991-0991 gnirud
ylrae tnemges SCFH ehT .munna rep tnecrep 8.2 ta werg esortxed dna ,tnecrep 3.4 degareva s0991
emaceb SCFH .erofeb sraey rof neeb dah esoculg dna esortxed sa tsuj ,0991 dnuora tekram erutam a
grew taht htiW .)yrtsudni knird tfos eht ni ylralucitrap( egral saw noitutitsbus esorcus nehw tsetsaf
noitutitsbus eht lla fo htworg laer eht naht retsaf hcum worg tonnac sreneteews nroc ,dne na ta esahp
t usoe bi2ar( t r sgot.u nn)d riern3escaipsre eeydcpooorfp
nI , ytrudtb e s9tgu andfmr inoee nlihpsrltoe oi in cm eenie- ,rr aht2ee8pte9hw2mw9to1c
23 stnalp 61 detarepo seinapmoc ruof pot ehT .noitcudorp .S.U lla ylraen rof detnuocca taht stnalp
ni htroN aciremA taht detnuocca rof 68 tnecrep fo SCFH yticapac ni ;1991 eht mrif-ruof
noitartnecnoc o)i 4t gR arnCnr oi(r sflolal clwit- am nt3nnee7i ocw hnir.tite2iap9wr9t1n ecnoC(
hcae , ds nreendo ae khain,n, h hsitcilrhhtsgilamioc ctiaocrsueh aasks trtsac mu fdneoorhrotpc
rof lla stcudorp nekat .)rehtegot MDA si eht gnidael recudorp fo SCFH htiw tuoba driht-enofo
lligr a,Chtruof-e ntouo b)ae l ey&tL aydTbenw oy(ela t.SE .,Ayticap aycrtsudni ab ou2pt0e rcent,
la n0o1 iotta5 n1d rnCeaPtCnI ,saida nma oCsrtfro plmli atmpse c,xeed alratnoitan r.et tnneIc rep
.elbigilgen
.tupt uloacisy hnpa hntiat b oottluciff iedr oem rsaerug isfelaS at asdusn emCo rsfetami t sE
wohs ro 2891 ecnis tnecrep 06 pu ,2991 ni noillim 537$ fo eulav ’stnempihs dah spurys esoculg taht
;7891 e h t.teeSs k.orrU roa,stfm lix ylen lado4nmi8os l2 nl$,ii2m9 9p1u t en5.ce22nc8ir9se1p
.28 9e1cn itsnecr e0p 1 p1,u29 9 n1nioill i2m98, 1d$ehca esrel aSsC F,HyllaniF
elaselohW .SCFH rof ton tub ,purys esoculg dna esortxed rof ylhtnom detouq era secirp tsil
tsiL d . e y1, pnl8 httpir9 ytuaoa1nyrnbhte e leotsehdervm sTea gaesosone e rutancfthioxcrepd
pattern ;28-1891 ni shtnom 51 roF .twc rep 71.72$ ,.g.e( shtnom ynam rof secirp tnatsnoc fo degreme
$26.36 wohs ot mees atad susneC .)!49-9891 sraey ruof rof 05.42$ dna ,48-3891 ni shtnom 61 rof
.se c tidsre i ptnlersa heohttwptn o eel scr1ere 2cewsipnropitcas ntaarhtt
tsi-LartnI .esortxed naht s0791 dim eht ecnis elbairav erom raf erew spurys esoculg fo secirp
launna se ceisropr sa hgih sa t3n8e cdrne apllef sa hcum sa . t2n3ecr e pse c5i9 r9nPe1ih-t4(991
5
elbaborp egareva evoba esaercni ton did tub ,3991 ni naht rehgih tnecrep 41 erew )doirep ycaripsnoc
.slev e2l991-0991
SCFH eht ni secirp gnilles sa emas eht tuoba ,2991 ni .twc rep 05.01$ tuoba degareva secirp
1980s. taht tub ,2991 ni muimerp tnecrep 5 a ta dlos slevel esotcurf tnecrep 05 naht erom htiw SCFH
pre cilbup morf secirp SCFH tuoba dnuof eb nac esle elttiL .2891 ni tnecrep 51 morf nwod si muim
sources. ,revewoH ti si nwonk taht CPC diap 7$ noillim ot SCFH sreyub sa livic segamadni
Septe doirep emas eht( 5991-4991 gnirud tceffe ni saw ycaripsnoc gnixif-ecirp SCFH a fI .6991 rebm
erew segamad elbert deilpmi eht ,noillim 024$ fo selsaas ynapmoc raey-owt htiw neht ,)enisyl at tsael
erew segamad latot eht1.7 ,etar emas eht ta degrahcrevo srelles lla fI .SCFH fo selas CPC fo tnecrep
about 26$ noillim segrahcrevo( erew 12$ ,)noillim tub eseht setamitse era evitavresnocdna
.evitaluceps
dnald isMlein arDehc rfeAoliforP
ssorg ,revewoH .)MDA( noillib 7.21$ fonI selas ten detadilosnoc dah MDA ,5991 raey lacsif
,selas .5991 ni noillib 9.51$ delatot ,sdeeslio dna niarg desidnahcrem fo selas latot eht sedulcni hcihw
eht roF .noillib 02$ yletamixorppa erew setailiffa detadilosnocnu fo esoht gnidulcni selas latot ,yllaniF
srae ylacsi feerht f o%7.1 1dn asela ste nf o%5. 5degarev asgninra exat-retf a,599 1o t399 1gnidn e
’sredlohkcots morF .raey rep %1.01 yb desaercni selas ten s’MDA ,sraey enin tsal eht revO .ytiuqe
lacsif ,)raey rep %02 yb ro( noillim 484$ ot noillim 032$ morf esor sgninrae ten ,0991 lacsif ot 6891
but sg n .i n, rn rto5nardeei9 I eaepnl90tyel l10alsi5agm$tn si0 ms n9to’4or9erM9ta1nfD9eA1
.egar e4v9a91-0 9 e9eh1vt o %b,r0ano6oil l6i 9mdo7et$pmuj
MDA sah ruof ro j:tascm nu dod,eiosesrtsipclvuii dodnorrop c h,csrtactusd oyrrpddellim
,sniarg dna ;rehto ni 5991 eht ruof snoisivid detubirtnoc ,%06 ,%02 ,%11 dna %9 fo tenselas
.ylevitcepser ehT sdeeslio noisivid slles ,nroc ,tunaep ,mlap ,deesnottoc ,naebyos ,alonacdna
rewolfnus ,sedirecylgonom ,E nimativ ,nihticel edulcni stcudorp ytlaicepS .stcudorpyb rieht dna slio
niet oyrops enillatsy r,cspur ynsr oscecudo rnpoisiv ihdcra tnsr oec h.Tetalo syi ods n,aetartnecn oc
corn ,sreneteews nroc ,hcrats ,slohocla ,tlam dna a tsoh fo ygolonhcetoib stcudorpmuidosonom(
,etamatulg ci r,t d,iciec icn ,, tainnl ,cnaao,daohhteil etpinc ,rnobia,mhatrneutxyoongrsiithstyelm
cibrocsa suoenallecsiM .satsap dna sruolf edulcni stcudorp dellim yrD .)nitoib dna ,nahtnaxatsa ,dica
selas t nsiuoo jr ,edgmnnuainsidnah cn ri,easmreglbat ecgienvopo r, dheysrhiuftl usc tifsuoi qsanoc
serutnev htiw ’sremraf .sevitarepooc nihtiW eht nroc stcudorp ,noisivid SCFH dna lonahteera
erutam ro gnirutam seirtsudni htiw wols htworg dna gniworran ;snigram ,revewoh ehtrehto
.eru t eu rhfeot pfso’h MtDnAeser p desnrnaig rraemh ghi cheutmare nne rgmo ocsrtfcudorpoib
fyonapm oracoF f orebmu nllam sylbakrame ray bdegana ms iMD A,ytisrevi ddn aezi sst i
.sreganam 0791 morf snoisiced rojam lla edam sreciffo pot rehto ruof ro eerht dna saerdnA enyawD
ynapmoc remrof dna ttneroruc fo ytirojam egral a deniatnoc draoB MDA eht ,6991 etal litnU .7991
,sreciffo yaR ,rellefrekcoR ”yppaH“ ,.g.e( saerdnA fo sdneirf esolc gnidnats gnol ,saerdnA fo sevitaler
,)grebdloG ro sreciffo fo seinapmoc taht ylppus sdoog dna secivres ot MDAlarutlucirga(
sevitarepooc ro lagel .)secivres yltcirtS ,gnikaeps ta tsom owt fo eht s’draoB 71 srebmemerew
tnednepedni fo MDA r o.saerdnA srebmeM fo eht sserp ro k csottss ytlsaonma lraeven dahnepo
.flesm ishaerd n .AtDpec xserecif fMo DhAt itwcatnoc
6
nA rebotcO 5991 eliforp fo enyawD saerdnA dna MDA yb eht llaW teertSlanruoJ
ehhguoh t. lyAnapm oec h ntpoi rygranidroart xse’O EeC hdtezisahpme nah tsse lsnw oyllanosre p
5% layol ,srebmem ylimaf fo pleh eht htiw lortnoc latot raen deniag sah saerdnA..“ kcots s’MDA fo
srotce r disndeavitucexe ts e hsgste giit.ihwa. br.yso %l e b5rskda 1aiaeleetnlHnsi obe cmsoochw
competitors, smus egral sdaerps dna ,noinipo cilbup dna aidem eht ecneulfni ot ylsuoigidorp sdneps
n. sa)A1A. p”(.sepir tls l fasonaicitil ogpnoma s’ M,tDeaAtani meoovtd i’rsdaer defnloApm axe
October eht ekam ll’I .namriahc m’I“ dias dna enohporcim s’citirc a ffo tuc eh gniteem launna 7991
selu rsa I ”o.ggnol a dh sechc tugieaSutrroceerawltot deres ed u viead oshcoaee irbtfrpaoeeprg
.M DrA oefcnamrofr ekpco tds nlaaicnanif
lausunU ,s e sis s nteMannD pei Ahgmmsetnoe uviocgsbiwmnaitaahra rgryraonabaamlloc
d neaso lscdnei rrfu opyee Ks“y anset fsoaer d. nsAlav idreredisn o ecdblu oywllamr otna hsteitrap
ruoy s”e.irmeesnoelc ,oS ni ,2991 MDA tliub a 5.3 eelniiml empoirpf s triut atcneaDlp ot.E.A
s’yelatS tnacifingis snwo MDA .ekirts robal denetaerht a kaerb pleh ot sa llew sa ksir ecuder ot tnalp
serahs MDA .ocixeM ni yelatS htiw erutnev tnioj esotcurf a sah dna ,elyL & etaT ,tnerap s’yelatS ni
.tsiKdl odG nkaramwo reGk islevitarepo oncia rhgt iswdn iskuoir a fvsoecnail lsa aohsla
feoga mei hdtetavitl uscaerdnA d l hrdtoeiwnwre cynloicra mniarmpse tlaatnsoitan r entani
regnuh secrof rojam eht fo eno sa tiderc mih sevig yhpargoib laiciffo siH .ytiruces doof lanoitan dna
dniheb eht LP 084 margorP .)nhaK( eH si deifitnedi sa dnamrA s’remm arHosseccus sa eht.S.U
tsilatipac tliub sah saerdnA .sredael colB nretsaE rehto dna nilmerK htiw pihsnoitaler tsesolc eht htiw
aesol csa we H.s069 1eh tecni sstcatno ctnemnrevo gdn assenisu blufrewo pf okrowte nyradnege l
sdneirf htiw dna rotubirtnoc ot a ediw yarra fo etats-mr anfemssergnoC dna ,srotaneSyllaicepse
Hubert 4$ naht erom detubirtnoc evah MDA dna saerdnA ,9791 ecniS .eloD treboR dna yerhpmuH
.seitr arpie h rteocif floanoit arn osfetadidn a ocntoillim .S.U eht morf yltaerg dettifeneb sah MDA
ragus g n.yi)byd brba ovsLotBn(emeri ue q gsedaernsiaudi slbouns alhatre e mmddoaenrrfa fgorp
MDA hguorht sti edart snoitaicossa no eseht dna rehto tnemnrevog srovaf si esnetni dnallew
.detnemucod fo esu tneuqerf eht rof letoh notgnihsaW a ni smoor fo etius laitalap a sniatniam MDA
saerdnA dna rehto .sreciffo saerdnA netfo sraeppa no sebroF s’eniz atgsaiml fo eht 004tsehcir
.set adte St eienlnhipUtoep
,saerdnA“ ”syr ron ttienuhubtoic r lt, an yd co lnM icsiaDe timAr tihaay slfbr eoaegpfhrtal
.)silloH( eH .semit ruof tsael ta saerdnA rof yticilbup esrevda ni detluser evah snoitubirtnoc esehT
wrote 0 k0 ac0te,ah 5h cs2tna$”ew,v s ior,g tare. letLegka.nrrgB ouar dBBefetot aceWih“vtnoc
;edfnaas esuoH etihW s’noxiN drahciR ni dnuof saw saerdnA yb nevig hsac ni 000,001$ fo eldnub a
saerdnA r odfetcivn otc otn udbetuceso rsp aswaerd n,Are t. asLtf iegse httuo bganiyfits edtedio va
erew efiw sih dna saerdnA ,3991na nI .yerhpmuH trebuH ot noitubirtnoc etaroproc 000,001$ lagelli
.snoitubirtn olcacitil ospsec xgenik arm onfoissimm onCoitce llEared eeF h yt0b00, 8d$enif
MDA se tir werhetd nsnsu tomVsiaTasrcsgd uo afcrnoosporibd -re luhraotecfiimteirlpop
noisivelet tneps MDA ,5991 lirpA-yraunaJ dna 4991 gniruD .SBP dna ,CBN ,SBC ,CBA :skrowten
at tsael 61$ noillim gnitroppus eht ruof ;smargorp sti troppus stnuocca rof ylraen %72 foeht
laitneulfni eht snwo taht niahc repapswen eht fo %01 denwo MDA .SBP no ruoH sweN rerheL miJ
ogacihC . semiT-n uS nI ,8991 M DdAetaerc a taer glaed ns otfi sosgi snlnuoaecmnhsarwiudojti
d edreirhit eCrB Aroh cdy”niesavllakaDni i crro roBteefcm u-.doMofDrnApi“ y lClBaAutneve
dediced s’ y hs eg ecll ndria k.ie ehitnrrr owwc oiMuaetr et nrdevedspoBpamieetphmahcaoptcca
remrof swe n.margorp sermootSatn eemvmaohc desne selttil ro kae wegarevoc fo s’MDAlagel
.aid esmw ednetaler-M DeAse h ntsimelborp
7