Price Wars
How the Commodities Markets Made Our Chaotic World
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- $13.99
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- $13.99
Publisher Description
A fascinating, groundbreaking exposé of how commodity traders in New York and London have destabilized societies all over the world, leaving the most vulnerable at the mercy of hunger, chaos, and war. • With a new Afterword for the ebook.
For Rupert Russell, the Brexit vote was only the latest shock in a decade full of them: the unstoppable war in Syria, huge migrant flows into Europe, beheadings in Iraq, children placed in cages on the U.S. border. In Price Wars, he sets out on a worldwide journey to investigate what caused the wave of chaos that consumed the world in the 2010s.
Russell travels to Tunisia, Iraq, Venezuela, Ukraine, East Africa, and Central America and discovers that unrest in all these places was triggered by dramatic and mysterious swings in the price of essential commodities. Deregulation of the commodities markets means that food prices can shoot up even in years of abundant harvests, causing hunger and protest. Oil prices and real-estate values can surge even when supplies are normal, enriching and emboldening dictators. It is this instability--fueled by banks and hedge funds in faraway New York and London--that has toppled regimes and unsettled the West.
Price Wars is a fascinating, original, and groundbreaking exposé of the power of the commodities markets to disrupt the world.
PUBLISHERS WEEKLY
Documentary filmmaker and sociologist Russell debuts with a harrowing look at the disastrous consequences of financial speculation. Contending that recent political and social turmoil in Iraq, Ukraine, Venezuela, and other countries has been triggered by irrational price shocks that don't correspond to actual issues of supply and demand, Russell details how small market movements are amplified and manipulated by hedge fund managers and commodities traders seeking to deliver consistent profits regardless of real-world conditions. Among a plethora of disturbing case studies, Russell describes how oil wealth generated by market speculation fueled corruption and then caused ruinous hyperinflation in Venezuela; explains how artificially low coffee prices, climate change, and agricultural debt led to a surge in migration from Guatemala toward the U.S.; notes that the terrorist organization al-Shabaab drove down cattle prices in Somalia during a 2010–2011 drought in order to compel desperate farmers to join their ranks; and contends that Western governments suspending "the rules of the game" to prop up their economies during the Covid-19 pandemic only underscores how much arbitrary control markets and prices have over the global economy. Deeply reported and thoroughly accessible, this investigation into the far-reaching consequences of economic speculation deserves a wide readership.
