GEOG 216 Lecture Notes - Lecture 33: New York Mercantile Exchange, Dalian Commodity Exchange, London Metal Exchange
15 May 2016
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Document Summary
Some criticisms and alternative approaches: commodity chain analysis. Environment-economy interface i: commodification of nature and its ownership (input) Environment-economy interface ii: commodification of environmental degradation (output) Valuation of nature: a price is set for units of a given natural material through market exchange (laws of supply and demand) Commodity exchanges (i. e. markets) seen as highly efficient price setting mechanisms (i. e. produced an equilibrium price) Yet, do not account for broader environmental impacts of extracting and using a resource: most environmental consequences are left out. Anything that is not quantifiable is neglected or underplayed (e. g. , loss of species habitat); Economy is seen as separate from the natural world: only has meaning when it affects economic processes, i. e. treating nature as object. The economy as a system of slows and balances. Commodities will move up to input output system eventually will go to consumers etc. at each step of the process there are going to be byproducts.
