Kryzys surowcowy, paliwowy i żywnościowy lat 70. XX wieku a boom surowcowy XXI wieku - podobieństwa i różnice
Primary commodity crisis of the mid-1970s and the commodity boom of the 21st century - comparison and contrast

Summary/Abstract: The paper provides an analysis of two periods of surges in commodity prices - i.e. the so-called primary commodity crisis of the mid-1970s and the commodity boom of the 21st century - and attempts to identify the similarities and differences between the two periods. The analysis indicates that despite the many similarities emphasised in the literature on the subject, there are also evident differences between those periods. These differences originate in the entirely different conditions in the world economy. It is the impact of globalisation and financialization observed in the global economy, and the importance of the financial sector in particular, which are the crucial factors. They determine to a significant extent the dynamics of prices as well as price relations observed in contemporary international trade.

• Details
• Contents