By Sasha Breger Bush
Breger Bush argues that derivatives markets paintings within the improvement context as engines of inequality and instability, disturbing poverty between these they're imagined to support and highlighting many of the risks of neoliberal globalization for the negative.
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Additional info for Derivatives and Development: A Political Economy of Global Finance, Farming, and Poverty
Prior to the 1970s in many Northern countries and prior to the early 1990s in many Southern countries, governments had in place regulations that prevented or limited cross-border derivatives transactions, as well as outright bans on speculation and speciﬁc types of instruments. In the United States, Markham’s history of commodity futures regulation reveals that US regulators frequently intervened in the markets, beginning in the 1920s, to curtail fraudulent practices and curb speculative trading.
Delivery may be (and sometimes is) made and the underlying quantity is thus part real and part hypothetical. The ability to cash settle and to settle via offsetting trade in commodity markets is the mechanism that allows the quantity of a good traded in futures markets to so greatly exceed the amount of the good that is actually produced globally. Put differently, cash settlement and offsetting trades allow for speculative participation and exponential market growth beyond the limits of the “real” set by global production levels.
In Latin America: Brazil, Argentina, and Mexico. In Africa: South Africa, Mauritius, and Botswana (Bourse Africa in Botswana plans to offer derivatives in the future; and Egypt is toying with opening a commodity and ﬁnancial derivatives exchange). In Asia: Turkey, China, Hong Kong, Taiwan, South Korea, Thailand, Malaysia, Indonesia, India, Pakistan, Nepal, the Philippines, and Singapore. In the Middle East: Israel, United Arab Emirates, and Iran. In Eastern Europe: Czech Republic, Hungary, Poland, Romania, Slovakia, and Ukraine.
Derivatives and Development: A Political Economy of Global Finance, Farming, and Poverty by Sasha Breger Bush