|The Common Agricultural Policy (CAP) was established by the 1957 Rome treaty that created the European Economic Community. The policy reflected the contemporary belief in the economic importance of agriculture. Memories of the economic hardships that followed the two world wars led the EEC founders to believe that member states should be able to feed their populations from their own resources. The CAP was intended to stabilize agricultural markets, improve productivity, and ensure a fair deal for both farmers and consumers.
Microsoft® Encarta® Encyclopedia 2001. © 1993-2000 Microsoft Corporation. All rights reserved.
|Austrian School (also Vienna School):|
|A school of economics that emphasizes free markets, individual property rights, and freedom of association. It also calls for the abolition of central banks and a return to the gold standard. The school is based on principles postulated by the Austrian economist Carl Menger in the late 19th century.
Encarta® World English Dictionary (North American Edition)
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