1. The Historical Framework; 2. The Geography of Commodity Production and Trade; 3. Comparative Advantage and the Trade Policy Distortions; 4. Fossil Fuels; 5. Price Formation and Price Trends in Commodities; 6. Commodity Booms; 7. The 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 in Primary Commodity Production; 12. The Monoeconomies: Issues Raised by Heavy Dependence on Commodity Production and Exports; References; Index.
A guide to the ins and outs of the primary commodity universe, now in its third edition.
Marian Radetzki is Professor of Economics at Luleå University of Technology, Sweden and co-author of The Price of Oil (Cambridge, 2016). Linda Wårell is Associate Professor of Economics at Luleå University of Technology, Sweden.
'This invaluable guide to the political economy of primary
commodities remains a highly readable description and even-handed
analysis of the multiple facets of the sector, as accessible to the
layman as to the specialist. It should be required reading for
policy makers, commentators and students and for all involved in
commodity production and trade.' Phillip Crowson, University of
Dundee
'An exceptionally clear and comprehensive guide, written by masters
of the commodity research universe. At this time of unprecedented
uncertainty for global trade, economic growth and commodity prices,
Radetzki and Wårell produce important reading for everyone from
students to professors, to industry practitioners, to those in the
policy arena.' Roberto F. Aguilera, Curtin University, and
co-author of The Price of Oil
'Recently updated and easy-to-read, this book provides a wonderful
overview of international commodity markets. This 3rd edition
expands the coverage of numerous recent developments shaping these
markets, including China's growing economic and political power,
the rise of shale oil and gas, growing concerns over global climate
change, and the trade war between the United States and China.'
John E. Tilton, Colorado School of Mines
'Markets for primary commodities are not as large a part of the
global economy today as they were in the previous two centuries,
but they remain crucial to economic growth and poverty alleviation.
Their importance means they are subject to major and ever-changing
interventions by governments. This assessable and up-to-date
revised Handbook will be welcomed by students and all readers
interested in understanding the workings of primary commodity
markets, and the reasons behind and effects of policies and
institutions that influence them.' Kym Anderson, University of
Adelaide and Australian National University
'The tech economy has not rendered commodities obsolete as some
believed it would. In some areas, such as the development of green
energy, it has made them more important than ever. Radetzki and
Wårell's book remains the best single-volume introduction to the
complex and often misunderstood world of commodities. Like its
predecessors, this updated edition addresses in a clear and
thoughtful manner key questions about the economic importance of
agricultural and mineral commodities, who produces and uses them,
how they are traded (and what are the major distortions to this
trade), why their prices are subject to booms and busts, and what
sustainability means for commodity-producing countries.' David
Humphreys, author of The Remaking of the Mining Industry
'Marian Radetzki is the grand old man of the commodity industries.
The Handbook of Primary Commodities in the Global Economy, written
in collaboration with Linda Wårell, remains the best guide to these
important industries. Much has changed since the publication of the
second edition. Many markets now exhibit over-supply while
sustainability and climate change dictate the climate in which both
corporate investment and public policy must be framed. The updated
third edition of this established text is therefore timely and
important.' Christopher Gilbert, John Hopkins University
'Marian Radetzki has spent a lifetime studying and working in
primary commodity markets and is an icon in the field of Mineral
Economics. This newest edition of his classic book on commodity
markets is the 4th rendition with previous incarnations in 1990,
2009, and 2016. His trusted sidekick, Linda Wårell, Editor-in-Chief
of the journal Mineral Economics joined as co-author in the 2016.
Together they have again provided an up-to-date comprehensive
introduction to international commodity markets from the
perspective of economists. It is accessible to generalists new to,
but wanting to know more about these fascinating markets. This
accessibility coupled with its framing of issues, institutions, and
statistics for the more advanced student of these markets is
without equal. This book has clearly passed the test of time.'
Carol Dahl, Colorado School of Mines
'I can think of a host of readers gaining insights from this book,
a most accomplished handbook of the primary commodities in the
global economy … it provides a good overview of all the
commodity-producing industries, from both a theoretical and a
practical perspective. Easy to read and assimilate, it should be
required reading not just for students but also within companies
and government departments.' Anton Löf, Mineral Economics
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