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The Ecomomic Impact of GMOs

Because of all of the trouble that they have to go through to bring GMOs to the market, biotechnology companies want to make decent profit for their time, efforts, and money put into their work. However, farmers also want a profitable return and consumers want to purchase foods at a reasonable cost. There have been very significant net economic benefits as a result of the introduction of GMOs at the farm level. These benefits amounted to $18.8 billion in 2012. GM technology have also made important contributions to increasing global production levels of the four main crops, having added 122 million tonnes and 230 million tonnes respectively, to the global production of soybeans and maize since the introduction of the technology in the mid-1990s. Unfortunately, it is possible that the price of Genetically Modified seeds could be raised to the extent that small farming operations and farmers in impoverished countries would not be able to afford the many varieties of GM crops.

[E.1]

An even bigger gap would be created between the wealthy and poor countries. At the consumer level, prices of GMOs can vary greatly. However, in almost all cases, organic products cost more than GM foods. This is because of how the organic industry has grown as a result of public distrust of the Genetic Modification of food. Even still, the rapid commercialization of GMOs has led to their adoption which has certainly benefited the revenue of farmers and big corporations alike.

[3.8] [3.9]

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