If it is true that Yap stones have no nonmonetary usefulness, they would be different from most “primitive” forms of money. Usually an item becomes a medium of exchange after its commodity value—sometimes called intrinsic worth—has been widely established. Lacking intrinsic worth, Yap stones may be an especially useful object of study for students wishing to understand the significance of U.S. ...

The notions of self-similarity, scaling, fractional processes and long range dependence have been repeatedly used to describe properties of financial time series: stock prices, foreign exchange rates, market indices and commodity prices. We discuss the relevance of these concepts in the context of financial modelling, their relation with the basic principles of financial theory and possible eco...

Cocoa (Theobroma cacao L.) is a commodity produced in the developing countries of the tropics. It is mainly consumed in the middle and high income countries of the world’s temperate zone. Currently, over 50 countries are engaged in cocoa production and heavily rely only on cocoa exportation for their economic development, as this commodity contributes significantly to foreign exchange earnings....

Submit Manuscript | http://medcraveonline.com The “western economics” is not a fixed1and precise concept, it contains the summarized observation, thinking and theory as follows: from the beginning of the 14-15 century, the feature of the “capitalist” economic activities in some Western European countries in the process of gradual evolution. Based on these characteristics, economists summed up t...

The institutional structure of global commodity chains and cross-border production networks has a profound impact on how the benefits of globalized production are distributed. This paper engages with this issue by developing a model that combines the insights of earlier unequal exchange theorists and new work on global commodity chains to clarify the distributive dynamics of the expansion of lo...

Submit Manuscript | http://medcraveonline.com The “western economics” is not a fixed1and precise concept, it contains the summarized observation, thinking and theory as follows: from the beginning of the 14-15 century, the feature of the “capitalist” economic activities in some Western European countries in the process of gradual evolution. Based on these characteristics, economists summed up t...

Microeconomic theory develops demand and supply curves to determine the market equilibrium for commodity exchange. The demand and supply functions are the result of consumers utilities and producers production functions for different product combinations. The interaction is a game-theoretic approach to determine the quantity and prices with which goods and services are traded. Economic theory w...

After devising expectational measures of production, price and exchange rate uncertainty, this paper presents a model to derive an optimal hedging strategy for a primary producer who is subject to variability on the price and the amount of its output and on the exchange rate risk when the final proceeds of its sales are not denominated in its currency of numeraire. In this model, it is assumed ...

The line of scholarship dominating Anglophone geographers’ approaches to studying economic geography since 1980 can be characterized as geographical political economy; an approach prioritizing commodity production over market exchange. Here the spatialities of capitalism co-evolve with its economic processes and economic, political, cultural and biophysical processes are co-implicated with one ...

— Coffee is a truly global commodity and a major foreign exchange earner in many developing countries. The global coffee chain has changed dramatically as a result of deregulation, new consumption patterns, and evolving corporate strategies. From a balanced contest between producing and consuming countries within the politics of international coffee agreements, power relations shifted to the ad...