A Handbook of Primary Commodities in the Global Economy

Description

The dramatic price falls of 2014–2015 marked the end of the most powerful and enduring commodity boom since the Second World War. Now in its third edition, this book acts as a guide to the ins and outs of the primary commodity universe. Updates to this edition reflect on the consequences of both China's economic slowdown as its industrialization enters a new, less commodity demanding phase, and changes in the USA's trade policy under the Trump administration. Additionally, this edition takes into account recent developments in world oil markets and examines the effects of increased climate concerns. The authors introduce and explain pertinent issues surrounding international commodity markets such as the global geography of raw materials, price formation, price trends, the role of commodity exchanges, the threat of depletion, cartel action, state ownership, emerging commodity nationalism and more. Copyright Contents List of Figures List of Tables Acknowledgments Introduction 1 The Historical Framework 2 The Geography of Commodity Production and Trade 3 Comparative Advantage and Trade Policy Distortions 4 Fossil Fuels 5 Price Formation and Price Trends in Commodities 6 Commodity Booms 7 Commodity Exchanges, Commodity Investments and Speculation 8 Sustainability and the Threats of Resource Depletion 9 Fears of and Measures to Assure Supply Security 10 Producer Cartels in International Commodity Markets 11 Public Ownership of Commodity Production 12 The Monoeconomies: Issues Raised by Heavy Dependence on Commodity Production and Exports References Index