In North America and Europe, the combination of advanced mechanization systems, agrochemical inputs and plant breeding has produced an increase in farm production of such proportions that ultimately quotas on production had to be imposed to prevent the accumulation of massive food surpluses. The lesson from this experience is abundantly clear.
European countries fell in between, with land in the United Kingdom about twice as abundant as on the continent. These differences in endowments were reflected in massive differences in factor prices. In Japan, a worker had to work nearly 2,000 days to buy a hectare of land, while his counterpart in the United States needed to work only one-tenth of that time.

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In North America and Europe, the combination of advanced mechanization systems, agrochemical inputs and plant breeding has produced an increase in farm production of such proportions that ultimately quotas on production had to be imposed to prevent the accumulation of massive food surpluses. The lesson from this experience is abundantly clear.
European countries fell in between, with land in the United Kingdom about twice as abundant as on the continent. These differences in endowments were reflected in massive differences in factor prices. In Japan, a worker had to work nearly 2,000 days to buy a hectare of land, while his counterpart in the United States needed to work only one-tenth of that time.

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