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EN
On international markets for raw materials and food the financialisation takes a form of a greater involvement of financial investors in the transactions made in commodity markets. The activity of those investors is distinctive - they treat commodity transactions as an alternative form of assets (such as investment in shares or real estate). The price tendencies for raw materials and food in commodity exchanges and hence in the international trade tend to resemble the price tendencies observed in traditional financial assets. Therefore the recent global financial crisis has been reflected not only in the movement of prices of shares and real estate but also the prices in international markets for commodities.
EN
The paper presents the direction of the mainstream economics paradigm shift and the evidence supporting the inadequacy of its several foundations. The author puts emphasis in particular on the aspects of financialisation in international markets and its impact on the current economic life. International commodity markets provide a good reflection of the effects of financialisation. Current price movements in these markets are determined to a large extent by the engagement of financial investors, which has serious implications to the practical aspect of the economy and contributes to the changes in the nature of several basic economic categories. These markets can be, therefore, considered a certain detailed case study illustrating the general theoretical problems analysed in the paper (directions of evolution of the current economic paradigm).
EN
The 21st century has witnessed new price relations in international trade, which are expressed by amuch more dynamic growth in prices of primary commodities than manufactured goods. It is related, among others, to the increasing role of China in the world’s economy. On the one hand, this country has been dramatically increasing its demand for primary commodities, while on the other hand – it has been dynamically raising its supply of manufactured goods, thus contributing to world-wide relative decreases in price levels. The new price relations also affect the international trade of African countries, accelerating the export of countries rich in resources and food, and increasing the role of these commodities in the total export of the entire continent. As a consequence, China becomes an ever more relevant player in Africa’s export and economy. The aforementioned processes are accompanied, however, by a phenomenon known in the literature as „deindustrialisation of developing economies” reflected in the increasing share of primary commodities in total export. An indirect effect of these tendencies is a more dynamic growth in export and GDP in countries having strong economic relations with China and a less dynamic economic growth of countries related economically and institutionally with more developed countries (particularly the European Union).
EN
Developing countries are more dependent on exports than developed economies. They also react more strongly to price fluctuations of primary goods. The negative effects of this dependence are particularly visible during periods of significant price decrease. In the first decade of the 21st century higher dynamics of raw materials and food prices was observed, which resulted in the improvement of their terms of trade. Since 2012, the situation has been clearly reversed. This contributed to the deterioration of the economic situation of the countries and regions dependent on exports of primary goods.
PL
Kraje rozwijające się są znacznie bardziej uzależnione od eksportu surowców i żywności niż kraje rozwinięte gospodarczo, a więc silniej reagują na wahania cen dóbr podstawowych. Negatywne skutki tej zależności stają się szczególnie widoczne w okresach znacznego spadku cen wspomnianych dóbr. W pierwszej dekadzie XXI w. nowe relacje cenowe znalazły swoje odzwierciedlenie w zdecydowanie wyższej dynamice cen surowców i żywności niż dóbr przetworzonych, co przyczyniło się do poprawy terms of trade krajów rozwijających się. Od 2012 r. sytuacja uległa wyraźnemu odwróceniu, co spowodowało pogorszenie sytuacji ekonomicznej wielu krajów i regionów zależnych od eksportu dóbr podstawowych.
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