GEOG 2230 Lecture Notes - Lecture 11: New York Mercantile Exchange, Organic Food, Dalian Commodity Exchange
15 Jan 2018
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Document Summary
Opec (organization of petroleum exporting countries) restricts oil supply and price increases: a change in demand for a commodity can move a price, e. g. Creating a commodity: new technologies: e. g. uranium, new technologies create demand for substances that previously did not exist, technology can (cid:494)create(cid:495) a commodity through new forms of extraction, e. g. sunlight/solar power. Creating a commodity: economic circumstances: knowledge about the usefulness of a substance might exist and the technology to obtain it might be available, but it might be just too expensive to extract it as a tradable commodity, e. g. Alberta oilsands: the global price of crude oil has risen to heights that make the oil sands worth owning and exploiting. Individuals have the right to use the resource, but not to own them: e. g. Fishery resources: communal or open access resources are replaced with privatized access. State ownership and state exploitation: relates to (cid:494)accumulation by dispossession(cid:495)
