Actually, ethanol is grain alcohol (And is one oxygen away from antifreeze), and can be produced from corn, which there can easily be an abundance of, which would also help to solve world hunger.
hrm, it all depends on the production of the ethanol. if there is any foodstuff left after the ethanol is created, then yes it would be more effective. but i believe the production of ethanol effectively turns all of the corn into useless leftovers, thus only useful to fertilize the fields that they grew up from(if we are that lucky, most likely the stuff left in the corn would do more damage than good i fear.)
if the world was to run on ethanol created from plants, which couldnt be turned into food afterwards, we would quickly use up alot of our soil to produce ethanol, thus causing more hunger and such things.