The Commodities Bubble

Sameer Dossani | June 28, 2008 on the Foreign Policy in Focus

In the final analysis, the food crisis is actually a convergence of two crises. The first is the crisis of speculation, characterized by a chronic “bubble economy.” Increased regulation and taxation of speculation of all kinds is the only long-term solution to this crisis.

The second is a crisis that has been a long time coming – the crisis of global agriculture which has been in many ways been a planned and calculated crisis. When agricultural policy is not made by citizens and their elected representatives but rather by international financial institutions and their market fundamentalist policies and by big agribusiness whose primary concern is their own bottom line, it is a recipe for disaster.

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Filed under Capital markets, Development, Food Security, Globalization, Oil

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