Commodities, Governance and Economic Development under Globalization

Commodities, Governance and Economic Development under Globalization

by Machiko Nissanke, George Mavrotas


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Alfred Maizels' work on commodity trade and prices documented trends in a major area of international economic relations. This book elaborates the ideas in the tradition of Maizels' contributons, and discusses and extends these theories in relation to current problems.

Product Details

ISBN-13: 9780230203341
Publisher: Palgrave Macmillan UK
Publication date: 01/20/2010
Edition description: 2010
Pages: 368
Product dimensions: 5.70(w) x 8.50(h) x 1.10(d)

About the Author

MACHIKO NISSANKE is Professor of Economics at the School of Oriental and African Studies, University of London, UK. She previously worked at Birkbeck College, University College London and the University of Oxford, and was also Research Fellow of Nuffield College and the Overseas Development Institute. She has published numerous books and journal articles in financial and international economics, and has served many international organizations as advisor and coordinator of research programmes.

GEORGE MAVROTAS is the Chief Economist of the Global Development Network. Previously he was a fellow and project director at UNU-WIDER and on the economics faculties of the Universities of Oxford and Manchester. He has published extensively in journals and books on development economics and development finance, including Commodity Supply Management by Producing Countries (Oxford University Press), Advancing Development: Core Themes in Global Economics, and Development Finance in the Global Economy: The Road Ahead and Financial Development, Institutions, Growth and Poverty Reduction, all with Palgrave Macmillan.

Table of Contents

List of Tables and Figures xi

Foreword Richard Jolly xv

Acknowledgements xvii

Notes on the Contributors xviii

List of Abbreviations xxi

Preface and Introduction Machiko Nissanke xxiv

A Current Contextual Setting for Development Finance George Mavrotas xxxi

Part 1 Commodities, Trade and Governance: Reflections on Alfred Maizels' Life, Work and Legacy

1 Commodities, Cooperation and World Economic Development: The Mission of Alfred Maizels, 1917-2006 John Toye 3

Early life and education 3

At the Board of Trade 4

Research at the National Institute 5

Alf Maizels at UNCTAD 1966-1980 6

Subsequent academic contributions 12

Conclusion 14

2 Poverty, Power and Global Economic Governance Gerry Helleiner 19

Alf Maizels and global economic governance 19

Global economic governance and the role of developing countries 21

'Voice' and the problems of the poorest and weakest 23

Preferential treatment for the poorest? 26

Reforming G8 summitry for global governance 28

Elements of governance reform in international financial institutions 31

Elements of governance reform in the trade arena: the WTO 33

Conclusion 36

Part 2 Commodities and the Global Economy in the Twenty-First Century

3 Issues and Challenges for Commodity Markets in the Global-Economy: An Overview Machiko Nissanke 39

Introduction 39

Commodity prices and economic development: a debate in a historical retrospect 43

The recent commodity price movements in a historical context 49

The impact of the global financial crisis on commodity prices 60

4 Commodity Market Structures, Evolving Governance and Policy Issues Machiko Nissanke 65

Introduction 65

Changing landscapes of primary commodity markets and production 67

Managing resource based economies over commodity price cycles 80

Conclusion: policy implications and challenges 90

5 Commodities Still In Crisis? David Sapsford Stephan Pfaffenzeller Harry Bloch 99

Introduction 99

Alf Maizels: commodity economist 99

Primary commodity prices post-1980s: commodities still in crisis? 102

Conclusion 106

6 Asian Drivers, Commodities and the Terms of Trade Raphael Kaplinsky 117

Introduction 117

The Asian Drivers are a disruptive force in the global political economy 118

Asian Drivers and the rise in commodity prices 121

What has happened to the prices of traded manufactures? 128

Terms of trade reversal? 130

Will the terms of trade reversal be sustained? 132

7 Uncertain Prospects of Commodity-Dependent Developing Countries Alice Sindzingre 139

Introduction: a structural change in commodity markets? 139

The central issue: the volatility of commodity prices 142

Detrimental effects of commodity price volatility 146

The limited impact of China on price volatility and existing commodity based export structures 149

Beyond commodity prices levels: commodity-dependence and poverty traps 152

Conclusion: the difficulty of regulating volatility at the international and domestic levels 157

Part 3 Case Studies of Cotton and Copper

8 Cotton in Crises of Francophone Africa: Fatality or Challenge for Multidimensional Cooperation? Michel Fok 165

Introduction 165

Cotton in continuous crisis 166

Multiple cotton crisis amplification factors 176

Moving beyond the cotton crisis 197

Conclusion 208

9 Exchange Rate Management for Commodity-Dependent Countries: A Zambian Case Study Elva Bova 221

Introduction 221

Theoretical background 223

What would pegging the export price do for Zambia? 226

What would do a counter-cyclical band do for Zambia? 235

Conclusion 240

Part 4 Finance and Governance Under Globalization

10 A Role for Compensatory Finance in the 21st Century after the 2008 Global Financial Crisis Adrian Hewitt 249

Introduction 249

The bubble economy and the global financial crisis 251

The whys and wherefores of compensatory finance mechanisms 252

The IMF Compensatory Financing Facility 253

STABEX and parallel and successor schemes 256

Assessment for compatibility with current commodity trade issues 260

New thinking on compensatory finance 264

11 'The Bottom Billion': A Critique and Alternative View Charles Gore 269

Collier's argument and its conceptual underpinnings 270

Weaknesses of the conceptual framework 273

Elements of an alternative approach 278

Implications of the 2003-2008 commodity boom and the global financial crisis 293

Conclusion 295

12 Global Rules and Markets: Constraints on Policy Autonomy in Developing Countries Yilmaz Akyüz 301

Introduction 301

Global economic integration and policy space 302

Multilateral disciplines and development policy 306

Finance and macroeconomic policy 312

Conclusion 327

Index 337

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