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The conditions that led to large public investment in irrigation in the second half of the 20th century have changed radically, and today’s circumstances demand substantial shifts in irrigation strategies. Irrigation has ensured an adequate global food supply and raised millions out of poverty, especially in Asia, thanks to massive investments. But a stable world food supply, declining population growth rates, continuing declines in the real price of food, and the rising importance of investment in other sectors diminish the need to maintain similar levels of irrigation investment today. The era of rapid expansion of public irrigation infrastructure is over.