OTHER VIEWS / Opinions from around the world Irrational agricultural subsidies LONDON: Agricultural subsidies were vital to cure the postwar food shortage, but that was long ago. Their main function now is to prevent developing countries from exploiting one of the few activities where they have a natural advantage. It is difficult to think of a single rational argument why U.S. taxpayers should shell out $3 billion to bribe farmers to grow cotton, a subsidy of 100 percent of the value of output. As a result the United States has captured 40 percent of the world cotton market, depriving labor-intensive developing countries of countless jobs. Europe is worse. Oxfam claims the European Union, scandalously, spends €3.3 for every euro of exports of sugar beet (another product better grown in the third world). Japan is even worse. It imposes import tariffs on rice of almost 500 percent. Agriculture has become a gravy train without brakes and the subsidies have got to stop.