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The Secret Financial Life of Food: From Commodities Markets to Supermarkets (Arts and Traditions of the Table: Perspectives on Culinary History) Hardcover – December 4, 2012

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Editorial Reviews

From Booklist

Newman explains the history of where, how, and why our food is traded and the link between the farm and the dinner table. Rather than a how-to on trading commodity futures, this book explores culinary history and the role of the commodities market in shaping that history. Newman quotes authority Chad Hart, who estimates that raw commodities account for 15 to 20 cents of every dollar spent on food, with the rest going for advertising, transportation, labor, and so forth, whereas in the 1940s and ’50s commodities had a greater influence on food prices. U.S. trading of agricultural commodities in the future will have a global perspective likely to reflect global food needs and availabilities—not just those of American eaters. Americans will continue to rely on the agricultural futures market for price discovery (figuring how much to charge for an item and the price that the market will bear and keeping food prices generally steady). Interesting, thought-provoking book for food aficionados. --Mary Whaley

Review

The Secret Financial Life of Food is of benefit to anyone who is involved in the food industry, including growers, processors, consumers, and even professionals in the culinary arts. It also has appeal for those of us who buy and sell commodity futures, helping us gain a better understanding of how the markets have evolved.

(Alan Bush, senior financial futures analyst, Archer Financial Services, Inc.)

Interesting, thought-provoking book for food aficionados.

(Booklist)

Those who are interested in the history of the "food" commodity markets will find many treats in Newman's book.

(Brenda Jubin Seeking Alpha)

a refreshing and much-needed look from a different perspective: food as commodity.

(James Norton Washington Post)

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Product Details

  • Series: Arts and Traditions of the Table: Perspectives on Culinary History
  • Hardcover: 208 pages
  • Publisher: Columbia University Press (December 4, 2012)
  • Language: English
  • ISBN-10: 0231156707
  • ISBN-13: 978-0231156707
  • Product Dimensions: 8.3 x 5.6 x 0.9 inches
  • Shipping Weight: 12.8 ounces (View shipping rates and policies)
  • Average Customer Review: 3.8 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #1,323,345 in Books (See Top 100 in Books)

More About the Author

Kara Newman is the spirits editor for Wine Enthusiast magazine and the author of two cocktail books, Spice & Ice and the forthcoming Cocktails for a Crowd (both from Chronicle Books) - as well as The Secret Financial Life of Food, newly published by Columbia University Press.

She is the former vice president of strategic research at Thomson Reuters and a former board member of the Culinary Historians of New York. Her work has appeared in The New York Times, Saveur, NPR's "Kitchen Window" and many other publications.

Read her blog at http://TippleSheet.com.

Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful By Autamme_dot_com on January 7, 2013
Format: Hardcover
This book puts a new meaning to the phrase "Buy Breakfast!"

Looking at the series of global trade that lies at the heart of much of what we eat, the author considers the various commodities that are sold such as coffee beans and pork bellies and looks at the impact that this can have throughout the chain from producer right through to the end consumer. Commodity trading over time has helped shape our culinary habits and traditions - wars and regime changes have happened even, as residents of Boston who threw lots of British tea into the harbour can show, all due to a precious foodstuff being traded.

Commodity trading is not just limited to the current "daily" price either, as many traders deal in "futures" (future event pricing) and the author has traced such futures trading in grain back to Biblical times. The book's primary focus is on commodities trading from a United States-perspective, looking back at the Chicago Board of Trade (CBOT)'s foundation in 1848 and the various splits and consolidations that have occurred since that time.

A smattering of history is, of course, contextually necessary and a welcome addition but since the author has given such a great write up on a subject that is not such a "general interest" topic, hopefully there is scope for a second volume, considering perhaps the development of the world through technology and commodity trading?

Each key commodity gets its own chapter and it is interesting to compare and contrast the various developments in commodity trading and their impacts to producer, wholesaler and end-user too, both in isolation and in a general overview. Of course, in the latter decades the world has got a lot smaller thanks to air travel and containerised shipping.
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Very interesting review of the history of food commodity markets. The does however suffer from poor editing, with unnecessary repetitions occurring now and then. Also, more info on the present situation would be desirable but as the author says, it tends to be difficult to get active market actors to open up about this.
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By L. Miller on March 7, 2015
Format: Kindle Edition Verified Purchase
Interesting, but wouldn't read again.
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