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Gambling with grains? A critical case study of the U.S. Commodity Futures Modernization Act and its implications for global food insecurity

Snygg Kvernes, Gabriel LU and Lagerlöf, Albin LU (2022) STVA22 20212
Department of Political Science
Abstract
In 2000, the Clinton Administration in the U.S. adopted the Commodity Futures Modernization Act, which deregulated the U.S. trade with financial instruments on commodity markets. With respect to this adoption, it has been regarded as one catalyst for the Global food crisis 2008, where millions of individuals lacked provision and access to agricultural products and nutrition. From the perspective of the global food crisis 2008, this thesis conducts a case study of the Commodity Futures Modernization Act and its implications for global food insecurity. For this research, we construct a theoretical framework where we link processes of financialization, commodification and capitalist economy to the appearance of global food insecurity.... (More)
In 2000, the Clinton Administration in the U.S. adopted the Commodity Futures Modernization Act, which deregulated the U.S. trade with financial instruments on commodity markets. With respect to this adoption, it has been regarded as one catalyst for the Global food crisis 2008, where millions of individuals lacked provision and access to agricultural products and nutrition. From the perspective of the global food crisis 2008, this thesis conducts a case study of the Commodity Futures Modernization Act and its implications for global food insecurity. For this research, we construct a theoretical framework where we link processes of financialization, commodification and capitalist economy to the appearance of global food insecurity. Additionally, this framework accounts for a historical materialist critique of global development. The findings in this text suggests that the CFMA was characterized by a financialization process, and furthermore enabled a commodification of agricultural products. However, our analysis also suggests that these processes came with unequal effects on global distribution of agricultural commodities as a consequence of unequal development within the capitalist economy. These findings are found when analyzing material from the U.S. Congress, NGO reports and academic liteature. (Less)
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author
Snygg Kvernes, Gabriel LU and Lagerlöf, Albin LU
supervisor
organization
course
STVA22 20212
year
type
L2 - 2nd term paper (old degree order)
subject
keywords
Commodity Futures Modernization Act, Food Insecurity, Agricultural Commodities, International Political Economy, Historical Materialism
language
English
id
9069803
date added to LUP
2022-02-24 14:39:17
date last changed
2022-02-24 14:39:17
@misc{9069803,
  abstract     = {{In 2000, the Clinton Administration in the U.S. adopted the Commodity Futures Modernization Act, which deregulated the U.S. trade with financial instruments on commodity markets. With respect to this adoption, it has been regarded as one catalyst for the Global food crisis 2008, where millions of individuals lacked provision and access to agricultural products and nutrition. From the perspective of the global food crisis 2008, this thesis conducts a case study of the Commodity Futures Modernization Act and its implications for global food insecurity. For this research, we construct a theoretical framework where we link processes of financialization, commodification and capitalist economy to the appearance of global food insecurity. Additionally, this framework accounts for a historical materialist critique of global development. The findings in this text suggests that the CFMA was characterized by a financialization process, and furthermore enabled a commodification of agricultural products. However, our analysis also suggests that these processes came with unequal effects on global distribution of agricultural commodities as a consequence of unequal development within the capitalist economy. These findings are found when analyzing material from the U.S. Congress, NGO reports and academic liteature.}},
  author       = {{Snygg Kvernes, Gabriel and Lagerlöf, Albin}},
  language     = {{eng}},
  note         = {{Student Paper}},
  title        = {{Gambling with grains? A critical case study of the U.S. Commodity Futures Modernization Act and its implications for global food insecurity}},
  year         = {{2022}},
}