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Food Crisis: In Grip of Financial Markets

The role of the speculation factor

The current price hike in food markets, some say, is caused by increasing demand, be it from emerging economies or for the production of biofuels, by rising input prices, such as oil and fertilizer, and by low stocks. Others consider food speculation the culprit. No doubt, agflation as the phenomenon has been dubbed, can partially be explained by speculation, says Rainer Falk

  

“Speculators may do no harm as bubbles on a steady stream of enterprise”, John Maynard Keynes wrote in his famous book The General Theory of Employment, Interest and Money, “But the position is serious when enterprise becomes the bubble on a whirlpool of speculation.” The current food crisis shows that global agrobusiness is about to become “the bubble on a whirlpool of speculation” ...

... this article is published in Issue 3/May-Jun 2008 for subscribers only. For direct log in >>> click here. If you have no subscription >>> pick your option or buy the article >>> here.

Offer: The article is also available in our dossier >>> The New Age of Hunger.

Posted: 1 Jun 2008








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