"Hungry Capital" by Luigi Rossi is a scholarly analysis of how finance has alienated farming from people and planet. Mr. Rossi is a researcher and PhD candidate who is breaking new ground in the interdisciplinary study of finance and alternative food networks. This expertly written book will appeal to everyone interested in the food system and how we might do better.
Mr. Rossi starts with a short lesson about the financialization of the economy including the rise of increased price volatility, risky derivatives and self-referential trading systems. We learn how the international food regime developed over the centuries from colonial trading systems to state-directed development to transnational corporate control. The author explains how the trading of food commodities by hedgers, arbitrageurs and index speculators has had the unfortunate effect of disconnecting markets with real-world demand for food - leading to abrupt shortages, price spikes and food riots.
Mr. Rossi discusses how finance has rationalized farming from a small scale, autonomous and ecologically-sustainable craft to a corporate assembly process that relies on patented technologies and equipment financed through increased indebtedness. We understand how these concepts play out in the real world of the coffee industry; where Mr. Rossi demonstrates how capital extracts sizeable profits through every step in the process, from farmer to consumer. The cultivation of the biofuel plant, jatropha is also used to engage in a thoughtful critique of land-grabbing, food dependency and the ecological limits of capitalism.
Through Mr. Rossi's thoughtful analysis, we can see how capital is no longer content to merely own: the goal is to extract profits by controlling processes (but not caring for them). This is a chilling revelation inasmuch as human nourishment and survival is at stake. Fortunately, the author believes that a "co-production" paradigm that works towards preserving local farms, developing solidarity networks between producers and consumers, and promoting home and community gardens can help us achieve a more sustainable food future.
I highly recommend this important book to everyone.
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