May 16, 2004
ALLOW, BUT LABEL (via Tom Morin):
EU Capitulates on Biotech Corn (Associated Press, May 14, 2004)
The European Union's head office said Friday it would approve a type of genetically modified corn for human consumption, ending a six-year biotech moratorium that the United States has challenged at the World Trade Organization.European farmers will still be prohibited from growing the Bt11 insect-resistant corn, however. And companies trying to import such foods face an uphill battle in convincing European shoppers that the products are safe.
Under new EU rules that took effect last month, "any import of canned vegetables will have to show clearly on the label in the list of ingredients that the corn has been harvested from a genetically modified plant," European Commission spokesman Reijo Kemppinen said.
That would likely be the kiss of death for any company that tried to sell it in Europe, where genetically modified foods are widely mistrusted and avoided.
Superstition and hysteria are legitimate market forces, even if refutations of homo economicus. Posted by Orrin Judd at May 16, 2004 12:56 PM
I'm willing to bet that, if GM food is able to be sold cheaper (which it should be, otherwise there's little purpose), then Europeans will buy it even against their better judgement.
Posted by: Timothy at May 16, 2004 1:33 PM"Homo economicus" is a simplying assumption, not a requirement of economic theory.
Posted by: David Cohen at May 16, 2004 2:11 PMIf you want to make such corn an instant success in Europe, just put "Harmful for Bush" on the label. Billions of profit guaranteed.
Posted by: Peter at May 16, 2004 4:12 PMI can just see "Julius Chiraq" being quoted on state television: "Genetically modified corn is every bit as good as the natural kind--sometimes, I even eat it myself!"
Posted by: Kirk Parker at May 17, 2004 5:36 PM