Cocoa cycles: The economics of cocoa supply by François Ruf, P S Siswoputranto

By François Ruf, P S Siswoputranto

The cyclical boom-to-recession nature of the economics of cocoa offer is a massive challenge for the foreign cocoa - and particularly for international locations whose economies rely on cocoa exports. in simple terms via an knowing of the dynamics of cocoa cycles can coverage judgements be made throughout the quite a few levels of provide cycles. according to an incredible overseas cocoa convention, this booklet offers seventeen edited papers from top specialists, creating a significant contribution to that figuring out. It explains the robust monetary, social and political elements which influence at the cocoa economic climate. It exhibits the legislation of cocoa offer are heavily associated with environmental, ecological and institutional components.

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Pod borer outbreaks - shortage of land and forest - shortage of labour 19S0 1960 1970 1980 1990 Movement of cocoa production in TALIABU Favourable environmental factors : - relative availability of land/fores - no pod borer outbreaks 19S0 1960 1970 1980 Local price of cocoa (rp/kg) (current prices) 1990 1970s Accentuation of the cocoa price effect by the fall in the price of copra Relative price —-"▼ 1000 1950 1960 1970 1980 1990 Source: survey Ruf/Ardhy 1991/92 Figure 11 Symmetry in supply responses of planters to price according to environmental factors.

However, it is precisely at this stage that plantation income also decreases because of the aging and death of trees. The proverbial "goose that lays the golden egg" begins to age and produce less just when the planter needs precious capital to tackle the difficulties and cost of replanting. Figure 8 summarizes well this cyclical production pattern throughout 400 years of cocoa history. Analyzing cocoa plantation cycles leads us to Chayanov's theories on family life cycles and Schumpeter's theories on the behaviour of entrepreneurs and supply cycles.

When independence was gained in 1960, 35 As stressed in the text, the price is only partially exogenous as individual national supply components, migratory movements and farming systems exert their weight on the international price. RUF President Houphouöt-Boigny switched state support over to benefit migrants. The principle of "land belongs to him who cultivates it" was conscientiously applied by the courts, thereby accelerating migration. Producer prices were higher in Cote d'Ivoire than in Ghana, attracting labour from former Upper Volta, with whom the country had an open border policy.

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