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The study endeavors to explore whether the financialization of agricultural commodities, traditionally viewed as a catalyst for price volatility, has any repercussions on food security in BRICS economies.

The empirical analysis employs the examination of three agricultural commodities, namely wheat, maize and soybean. Utilizing data from the Chicago Board of Trade on futures trading for these commodities, we focus on parameters such as annual trading volume, annual open interest contracts and the ratio of annual trading volume to annual open interest contracts. The study spans the period 2000–2021, encompassing pre- and post-financial crisis analyses and specifically explores the BRICS countries namely the Brazil, Russia, India, China and South Africa. To scrutinize the connections between financialization indicators and food security measures, the analysis employs econometric techniques such as panel data regression analysis and a moderating effects model.

The results indicate that the financialization of agricultural products contributes to the heightened food price volatility and has adverse effects on food security in emerging economies. Furthermore, the study reveals that the impact of the financialization of agricultural commodities on food security was more pronounced in emerging nations after the global financial crisis of 2008 compared to the pre-crisis period.

This paper seeks to draw increased attention to the financialization of agricultural commodities by presenting empirical evidence of its potential impact on food security in BRICS economies. The findings serve as a valuable guide for policymakers, offering insights to help them safeguard the security and availability of the world’s food supply.

Very few studies have explored the effect of financialization of agricultural commodities on food security covering a sample of developing economies, with sample period from 2000 to 2021, especially at the individual agriculture commodity level. Understanding the evolving effects of financialization is further improved by comparing pre and post-financial crisis times.

The central bank policy instruments have become less effective in an environment where economies are integrated with sophisticated financial products. We argue that economic stability is a function of interactions between financial and commodity markets. We utilize MGARCH models to identify volatility comovements between these markets in the United States since 2000. Our results suggest that financial markets have strong impacts on prices and volatility in commodity markets which could be due to intertemporal capital mobility. Thus, understanding commodity markets is inseparable from understanding financial market activities, and must now be included in an economic equation to achieve an effective policy.

This chapter argues that the Marxian theory of exploitation underlies the concepts of surplus and deficit industries that appear in Sraffa’s (1960) Production of Commodities by Means of Commodities. This is seen from archival research of the unpublished papers of Piero Sraffa housed at the Wren Library, Trinity College, University of Cambridge. There it is shown that the origin of these concepts lies in the Marxian theory of exploitation that Sraffa developed regarding the notion of the ‘pool of profits’ the Italian economist utilized over a 14-year period from 1942 to 1956. The chapter engages in an extensive textual study of the archival evidence and then presents a simple analytical model of these relations.

The issue of risk premium in commodity futures market has long been examined since Keynes’ (1930) normal backwardation hypothesis. We further examine the normal backwardation hypothesis in the gold futures market, using a Goldman Sachs Commodity Index (GSCI) approach. We find no evidence that risk premium exists in the gold futures market over the period 1980–2005. Finally, we provide further explanations as to why there is no risk premium in the gold futures market by investigating the actual gold futures positions taken by gold mining firms. We contend that lack of hedging activity by gold miners may explain the lack of risk premium in gold market.

This paper is a translation of the third and most important chapter of Keizaigaku shi (History of Political Economy) by the Japanese Marxist economist Samezō Kuruma (1893–1982), first published in 1948. Kuruma discusses in detail the achievements and limitations of the Classical school of political economy. He examines the fundamental ideas of Adam Smith and David Ricardo regarding the determination of commodity value and the source of surplus-value, and then looks at how these ideas are connected to production price and profit. Kuruma notes that Smith and Ricardo managed to arrive at the essential labor theory of value, but that neither could correctly apply this theory to adequately explain phenomena in the realm of competition – either abandoning the labor theory of value altogether to embrace a composition theory of value (Smith) or directly applying the theory to explain phenomena without grasping the intermediary processes of development (Ricardo). Kuruma's critique of Smith and Ricardo highlights the achievement of Marx in overcoming the limitations that ultimately led to the breakdown of the Classical school of political economy.

Development is a dynamic concept that pertains the evolution of human societies. Over the past few years policy makers, as well as academics, have incorporated a very important, yet sometimes neglected, component in the concept of development which is environmental costs and sustainability. One of the key aspects that affects sustainability is energetic consumption, therefore our aim is to determine if changes in oil, coal, and gas, prices during the period 2000–2010 influenced sustainable development.

We modified the Human Development Index (HDI) by adding energy consumption component, and propose what we call the Modified Human Sustainable Development Index (HSDI) which captures a broader definition of sustainable development. Then we employ econometric techniques to study the effects of changes in commodity prices on our index in the short run.

Our results show a nonlinear effect of commodity prices on our index, low and middle-income countries display a positive effect of prices on our HSDI, with smaller effects in the former ones, while high-income countries do not seem to exhibit a significant effect. While low and middle-income countries are typically commodity producers.

Middle-income countries are able to obtain larger benefits in terms of sustainable development due to a better institutional structure which constitutes an opportunity for them in the aftermath of the crisis.

Middle- and low-income countries should design policies that enable them to take advantage of the rises and protect their economies from the falls.

We address the problem of sustainable development and commodity prices in a post-crisi world, which was not reviewed in the literature. In addition we build a measurement of the Human Sustainable Development Index that considers energy consumption as one of its factors. Which is in line with previous results about energy consumption and the Human Development Index.

In Marx, a commodity is a thing brought to the market for sale at a profit where it satisfies a want rather than a need and embodies labour power and is purchased by the consumer as if it were a fetish. The term commodification did not come into usage until late in the 1970s but is now thrown around with some frequency, sometimes casually with imprecise meaning, sometimes more pointedly. Frequently it is used to indicate the shift of social activity previously conducted outside the market or commercial world generally, into the world of trade, money or exchange. Typical are these resolutions emanating from the headquarters of the ESIB, The National Unions of Students in Europe. The ESIB resolves to:Promote on an international level increased consciousness as to the current and possible future negative implications of commodification.Analyse in further detail the implications and consequences of commodification of education as well as the manner in which ESIB may positively contribute towards ensuring that education remains a public good.Encourage student unions and decision makers in higher education to involve themselves in the discussion relating to the commodification of education.³

The objective of the chapter is to discuss the role of wa’d (promise) to mitigate risk in different Islamic banking products. The chapter will illustrate the element of wa’d in different Islamic banking products in Malaysia.

The study has adopted the document review method to get information on different banking products. Moreover, it conducted semi-structured interviews with bankers to get in-depth information.

The study finds out that wa’d plays a vital role in structuring several products including retail products, trade financing products, and treasury products. Along with the unilateral wa’d there is a usage of double wa’d (wa’dan) in some product structures. In most of the products, wa’d is included as a risk mitigation instrument along with other major underlying Shari’ah contracts. Some Shari’ah issues are involved with these products namely the Shari’ah rulings related to wa’dan, “form over substance,” etc.

This is an in-depth field study which adds new knowledge on wa’d-based products. The experience of Malaysia might be a lesson for other countries to minimize risk in their Islamic banking products.