Continuity and Change in the International Economic Order: Towards a Sraffian Interpretation of the Changing Trend of Commodity Prices in the 2000s

  • Franklin Serrano


In the first decade of the twenty-first century we can observe some elements of continuity and others of change in the international economic order. In terms of continuity, what is perhaps most striking is the resilience of the ‘floating dollar standard’, which was neither a cause of the major world crisis of 2008, nor was negatively affected by it.1 In terms of change, there is the new tendency towards a greater relative autonomy of the (relatively fast) rates of growth of GDP of many developing economies from the (low) growth rates of the advanced capitalist countries, A second (and intimately connected) change is the increasing absolute (dollar) and relative prices for internationally traded ‘commodities’ (food and raw materials in general).


Real Wage Future Market Commodity Price Spot Price World Demand 
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  • Franklin Serrano

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