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This chapter combines a global value chain methodology with the case of the development of the farmed Atlantic salmon industry in Chile to inform discussions regarding the globalization of economy and society. The research documents the shifting structure of the value chain from the north to the south as Chile replaced northern Europe as the locus of production and the major world supplier of farmed Atlantic salmon. Farmed salmon was supported by the Chilean state as part of its export-oriented industrialization model that attracted foreign direct investment (FDI) from northern TNCs. Chile's low costs of production combined with growing environmental problems in the north and global retailers' demand for large quantities of low-cost product resulted in the restructuring of the farmed Atlantic-salmon value chain as northern capital sourced the south as a lucrative production platform to service northern consumers. A detailed investigation of the rise in dominance of the firm Marine Harvest is provided to illustrate the process of industry concentration the Chilean farmed-salmon industry. This model has generated a legitimation crisis related to environmental degradation and labor abuses resulting in social movement organization both nationally and internationally. The chapter concludes with a discussion of the implications of the Wal-Mart Effect on the agrifood industry in particular and in the farmed-salmon industry in particular.

This chapter examines the involvement of finance companies in the purchasing and leasing of Australian farmlands. This is a new global phenomenon as, in past decades, finance companies have lent money to farmers, but have rarely sought to purchase land themselves. We investigate and discuss the activities of the Hancock company – an asset management firm that invested in farmland in northern NSW. Material on the activities of Hancock and other investment firms were obtained from documents on the public record, including newspaper reports. Semi-structured interviews with community members were conducted in the region of NSW where Hancock operated. Australian agriculture is being targeted for investment by companies in the finance industry – as part of a growing ‘financialization’ of farming. While it is financially beneficial for companies to invest, they do not do so in ‘empty spaces’ but in locations where people desire to live in a healthy environment. The Hancock company was criticized by community residents for failing to recognize the concerns of local people in pursuing its farming activities. To date, there have been few studies on the financialization of farming in Australia. By investigating the operations of the Hancock company we identify a number of concerns emerging, at the community level, about an overseas company running Australian-based farms.

“Economics is a Serious Subject.” Edwin Cannan.

After its adhesion to the EU in 1986 Portuguese agriculture benefitted from a continuous flow of European funds aimed at the modernization of the sector in order that it might face the shock of competition with more developed agricultures.

However, enough evidence exists to show that the crowding out of Portuguese capitals was counterproductive to the political objectives. In fact, despite the EU transfers, in only two of the years from 1980 to 2009 did agricultural investment attain identical levels to those prior to integration.

If one considers investment as being the best indicator to explain the poor results of Portuguese agriculture over the last three decades, my argument is that this evolution needs a retrospective analysis focusing on the concept of financialization of the economy induced by EU and national policies. Therefore, this chapter is an explanatory attempt to open a broad discussion on the role of financialization in agriculture and rural development issues.

Estimates are developed of the major macroeconomic aggregates – wages, land rents, interest rates, prices, factor shares, sectoral shares in output and employment, and real wages – for England by decade between 1209 and 2008. The efficiency of the economy in the years 1209–2008 is also estimated. One finding is that the growth of real wages in the Industrial Revolution era and beyond was faster than the growth of output per person. Indeed until recently the greatest recipient of modern growth in England has been unskilled workers. The data also create a number of puzzles, the principal one being the very high levels of output and efficiency estimated for England in the medieval era. These data are thus inconsistent with the general notion that there was a period of Smithian growth between 1300 and 1800 which preceded the Industrial Revolution, as expressed in such recent works as De Vries (2008).

This chapter illustrates how labor is organized in a branch of export-grape production in the São Francisco valley, North East Brazil. It describes how Northern retailers' corporate strategy involves continually improving product quality, and how grape producers respond to evolving demands by attempting to increase the skill content of labor and labor productivity. Simultaneously, relatively militant rural trade unions organize agricultural workers in the region, often staging strikes, achieving significant gains for workers, and continually attempting to improve their position vis-à-vis capital. As a response, farms go to significant lengths to recruit, retain, and discipline workers they consider to be good and relatively uninfluenced by trade unions. It is argued that in order to better understand strategies of firms and developmental outcomes in new regions of export agriculture it is necessary to pursue a three-pronged investigation, focusing simultaneously.

One of the several claims that Seligman makes for Rooke is that he should be accorded priority in the discovery of the correct, that is Ricardian, doctrine of rent:there seems little doubt that the doctrine of rent was developed practically simultaneously by Malthus, West, Torrens and Rooke in 1814, but so far as the priority of actual publication is concerned, the above list should be reversed. And in the interests of historical accuracy, Rooke and Torrens must hereafter be accorded the position which they deserve. (Seligman, 1903, p. 512)¹