Gm Food of Australia

Genetically modified foods (GM foods, or biotech foods) are foods produced from genetically modified organisms (GMOs), specifically, genetically modified crops.The majority of approved genetically engineered food are major industrial crops such as corn, soy and cotton. In 2011, 160 million hectares of GM crops were grown, 90% of which was in the US, Brazil, Argentina, India and Canada (Diehl, 2009). That’s more than 10% of global crop land. Approximately 82% of cotton, 75% of soybeans, 32% of corn and 26% of canola are genetically engineered (Diehl, 2009). It is often said that the production of GM food cost lots of money and the remaining herbicide is harmful to human health. They also, so the argument goes, provide more employment opportunities and nutritious food. However, although GM food has possible risks, the benefits of GM food far outweigh than them.

It is the contention of GM food that it has a negative economic impact since the production of GM food cost too much money (Clinch, 2005). It is claimed that the price of GM food’s seed which producers want to cultivate is very expensive, because they not only have to pay the seed itself but also the royalties from a seed corporation. For instance, if farmers use seeds from crops grown from Monsanto seeds, a process known as “seed cleaning”, they also have to pay royalties to Monsanto or it will sue them. All told, Monsanto has recovered $15 million in royalties by suing farmers with individual settlements ranging from five figures to millions of dollars each (Cesca, 2010).

Although GM food may cost much, for some people, debates around genetically modified foods have actually spurred their interest in a career in the biotechnology field. Given that the biotechnology industry is a booming one with enormous annual profits, qualified biotechnology workers are important to ensuring that the industry continues to flourish (Murnaghan, 2012). Raising yields of staple crops could provide more food and more employment and therefore more income to buy food.

GM food’s profit machine never slows down. Its benefit not only companies but also the states. According to Cesca’s research, Monsanto, an American multinational agricultural biotechnology corporation, cleared over $2 billion in net profit on $11 billion in revenues and its 2009 is looing equally as excellent (2010). Therefore, GM food does really favor the economy.