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Issues and Challenges for Commodity Markets in the Global Economy: An Overview

In: Commodities, Governance and Economic Development under Globalization

Author

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  • Machiko Nissanke

Abstract

By mid-2007, the over-dependence on market forces and mechanisms, without proper and workable regulatory mechanisms and systems in place to govern the globalization process, had led to the appearance of large cracks threatening the stability of the world economy on two fronts: the sharp hike of primary commodity prices and the global financial crisis.1 After two decades of low, and at times dwindling, prices in the 1980s and 1990s, many primary commodities had registered a steep price increase since 2002, reaching an all time high in the spring and summer of 2008 with extremely high volatility (Figure 3.1). The soaring key commodity prices hit the world economy at a time when most western economies were struggling with efforts to eschew a sharp economic downturn and recession, triggered by the sub-prime mortgage crisis in the USA in the background of global macroeconomic imbalances, and the subsequent credit crunch spreading to major industrial economies through poorly regulated global financial transactions and systems.

Suggested Citation

  • Machiko Nissanke, 2010. "Issues and Challenges for Commodity Markets in the Global Economy: An Overview," Palgrave Macmillan Books, in: Machiko Nissanke & George Mavrotas (ed.), Commodities, Governance and Economic Development under Globalization, chapter 3, pages 39-63, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-27402-0_3
    DOI: 10.1057/9780230274020_3
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    Cited by:

    1. Alice Nicole Sindzingre & Christian Milelli, 2010. "The Uncertain Relationship between Corruption and Growth in Developing Countries: Threshold Effects and State Effectiveness," Working Papers hal-04140921, HAL.
    2. Jahantigh , Forough & Rahmi Ghasemabadi , Mohammad & Jalali , Omolbanin, 2018. "The Impact of Monetary Policy Shock on the Price of Storable Goods: A Case Study of Food," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 13(4), pages 471-490, October.
    3. Nissanke, Machiko, 2019. "Exploring macroeconomic frameworks conducive to structural transformation of sub-Saharan African economies," Structural Change and Economic Dynamics, Elsevier, vol. 48(C), pages 103-116.
    4. Charles Gore, 2010. "The global recession of 2009 in a long-term development perspective," Journal of International Development, John Wiley & Sons, Ltd., vol. 22(6), pages 714-738.
    5. Alice Nicole Sindzingre, 2011. "The Conditions for Long-Term Growth in Sub-Saharan Africa: China as a Model, a Contraint and an Opportunity," Post-Print halshs-03604139, HAL.
    6. Marek Szturo & Bogdan Wlodarczyk & Konrad Szydlowski & Karol Wojtowicz & Sylwia Pienkowska-Kamieniecka & Ireneusz Miciula, 2021. "Default Risk of Listed Companies in the Context of the Threat to Commodity Markets in the Times of COVID-19 Pandemic," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 1), pages 53-68.

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