Pub Date : 2019-01-31DOI: 10.1093/OSO/9780198823940.003.0002
Anna Chadwick
This chapter seeks to explain why it is that in spite of long-standing and concerted interventions to address world hunger the efforts of the international community have consistently fallen short. The chapter begins by locating the origins of the contemporary global food system in the period of European colonialism, and it then explores the place of law in creating conditions of food insecurity through the establishment of new market relations between colonial powers and colonized peoples. Particular attention is paid to the special role of public international law in enabling the perpetuation of colonial dynamics even after the period of decolonization through neocolonial practices of ‘economic development’. After examining the operations of regimes of international economic law and their interaction with private law norms, the chapter concludes that international law has been a key mechanism whereby the food security of populations of the Global South has been subordinated to the economic interests of wealthier market actors in the Global North.
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Pub Date : 2019-01-31DOI: 10.1093/oso/9780198823940.003.0006
Anna Chadwick
This chapter takes issue with the popular presentation of the OTC market as a ‘regulatory vacuum’. The analysis demonstrates that the OTC market did not emerge spontaneously in response to the risk management needs of commercial actors, nor was it created through financial ‘deregulation’. Governments in the UK and the US were influential in the construction of the market and in the creation of a new private law centred approach to the regulation of finance in the years leading up to the global financial crisis and the global food crisis. Subsequent parts of the chapter challenge the dominant characterization of the products traded within this market as being the result of ‘financial’ innovation. Highlighting some of the significant developments in contract law that have furnished market actors with the capacity to develop new derivative contracts, the chapter ultimately demonstrates that contract law has played an active role in the emergence of a new market logic oriented towards financial accumulation.
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Pub Date : 2019-01-31DOI: 10.1093/oso/9780198823940.003.0007
Anna Chadwick
The final chapter of the book explores the potential of international human rights law as a means of addressing the persistence of world hunger. The chapter begins by relating the institutional development of the human right to adequate food. The analysis highlights some of the main advances that have been made in protecting the right, and it considers the emegence of two particular approaches taken to realizing socio-economic rights on the domestic level. The chapter then considers some of the limitations of human rights law as a tool to remedy complex socio-economic problems. The challenges of financialization and world hunger serve as referents for this analysis. Next, the author discusses the rise of the ‘food sovereignty’ movement and considers whether this approach overcomes some of the limitations of rights-based solutions to hunger. The chapter concludes with a two-fold argument concerning the limitations of existing international responses to hunger, which is that they simultaneously underweight the embeddedness of regulatory law in political economy, and, relatedly, that they pay insufficient attention to the operations of constitutive legal regimes that function to obstruct efforts to realize a right to adequate food.
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Pub Date : 2019-01-31DOI: 10.1093/oso/9780198823940.003.0003
Anna Chadwick
Chapter 2 explores the progressive financialization of the food system since the 1980s and relates this phenomenon to the Neoliberal policy agenda. In addition, the chapter carries out some important theoretical work that informs the analysis throughout the remainder of the book. The author argues that the financialization of the food system can only be understood in the context of broader trends in the financialization of the global economy, which has to be linked to the Neoliberal policy agenda and its relationship to Neoclassical economic theory in order to be fully appreciated. The chapter analyses three additional developments that, together with practices of food commodity speculation, are significant in the financialization of agriculture: the growing importance of finance in shaping the operations of global value chains; the global land grab that has seen financial investors gaining control over large tracts of agricultural land; and the rise of microcredit as a mechanism that is incorporating populations in the Global South into the logics of financial markets.
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Pub Date : 2019-01-31DOI: 10.1093/oso/9780198823940.003.0004
Anna Chadwick
Chapter 3 explores the significance of practices of ‘food commodity speculation’ in the causation of the global food crisis. After introducing some of the main instruments and actors involved in commodity derivatives trading, the chapter examines competing claims over the role of financial speculation in the global food crisis. Seeking to break the impasse that has characterized debates on this issue, the chapter probes into claims by NGOs that commodity futures markets have been ‘financialized’ in recent decades. The author draws on a body of literature from the Social Studies of Finance to argue that there is an urgent need to reconceptualize the nature of derivatives and their contribution to processes of value formation in underlying markets. The chapter concludes by signalling the emergence of a new logic of financial accumulation that has significant implications both for attempts to use financial regulation to address ‘excessive’ levels of speculation, and, more broadly, for the political economy of hunger.
第三章探讨了“粮食商品投机”行为在全球粮食危机成因中的意义。在介绍了大宗商品衍生品交易中的一些主要工具和参与者之后，本章考察了有关金融投机在全球粮食危机中所起作用的各种说法。为了打破在这个问题上争论的僵局，本章探讨了非政府组织关于近几十年来商品期货市场已经“金融化”的说法。作者引用了《金融社会研究》(Social Studies of Finance)的大量文献，认为迫切需要重新定义衍生品的性质及其对基础市场价值形成过程的贡献。本章最后指出了一种新的金融积累逻辑的出现，这种逻辑对试图利用金融监管来解决“过度”投机水平，以及更广泛地说，对饥饿的政治经济学都有重大影响。
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