The world food crisis and the capitalist market Part II

Dandelion Salad

By Alex Lantier
http://www.wsws.org
9 June 2008

This is the second part of a three-part series of articles on the world food crisis. Part one was posted June 7. The third and concluding part will be posted June 10.

The central problem underlying the current food crisis is not a physical lack of food, but rather its unaffordability for masses of people due to rapidly increasing prices. Among the immediate factors driving the rapid worsening of the food crisis, a major role is played by the explosion of speculative investment in basic commodities such as oil and grain, itself bound up with the difficulties facing US and world financial markets and the decline in the US dollar. Rampant speculation by hedge funds and other big market players has increased costs, encouraging private firms to further bid up prices in a competitive drive to amass as much profit as possible.

Official statistics disprove the assertion that there is not enough food for everyone. According to 2008 US Department of Agriculture figures, the average per capita consumption is 2,618 calories per day in developing countries and 3,348 in developed countries, compared with a recommended minimum of 2,100 calories. However, profound disparities in access to this food, stemming from poverty and social inequality, condemn many millions to hunger.

Time magazine quoted United Nations World Food Program official Josette Sheeran as saying, “We are seeing food on the shelves but people being unable to afford it.”

…continued

see

The world food crisis and the capitalist market Part I

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