The Financialization of Food: An Inquiry into the 2008-2011 Food Price Spikes

This dissertation investigates the question: has financial speculation contributed to global food price volatility since the mid 2000s? I problematize the mainstream academic literature on the 2008-2011 food price spikes as being dominated by neoclassical economic perspectives and offer new conceptual and empirical insights into the relationship between financial speculation and food. Presented in three journal style manuscripts, manuscript one uses circuits of capital to conceptualize the link between financial speculators in the global north and populations in the global south. Manuscript two argues that what makes commodity index speculation (aka ‘index funds’ or index swaps) novel is that it provides institutional investors with what Clapp (2014) calls “financial distance” from the biopolitical implications of food speculation. Finally, manuscript three combines Gramsci’s concepts of hegemony and ‘the intellectual’ with the concept of performativity to investigate the ideological role that public intellectuals and the rhetorical actor the market play in the proliferation and governance of commodity index speculation. The first two manuscripts take an empirically mixed method approach by combining regression analysis with discourse analysis, while the third relies on interview data and discourse analysis. The findings show that financial speculation by index swap dealers and hedge funds did indeed significantly contribute to the price volatility of food commodities between June 2006 and December 2014. The results from the interview data affirm these findings. The discourse analysis of the interview data shows that public intellectuals and rhetorical characters such as ‘the market’ play powerful roles in shaping how food speculation is promoted, regulated and normalized. The significance of the findings is three-fold. First, the empirical findings show that a link does exist between financial speculation and food price volatility. Second, the findings indicate that the post-2008 CFTC and the Dodd-Frank reforms are unlikely to reduce financial speculation or the price volatility that it causes. Third, the findings suggest that institutional investors (such as pension funds) should think critically about how they use commodity index speculation as a way of generating financial earnings.

Making the Men of Tomorrow: American Science Fiction and the Politics of Masculinity, 1965 – 1974

Suggesting that the political diversity of American science fiction during the 1960s and early 1970s constitutes a response to the dominance of social liberalism throughout the 1940s and 1950s, I argue in Making the Men of Tomorrow that the development of new hegemonic masculinities in science fiction is a consequence of political speculation. Focusing on four representative and influential texts from the 1960s and early 1970s, Philip K. Dick’s The Three Stigmata of Palmer Eldritch and Ubik, Robert A. Heinlein’s The Moon Is a Harsh Mistress, and Ursula K. Le Guin’s The Dispossessed, this thesis explores the relationship between different conceptions of hegemonic masculinity and three separate but related political ideologies: the social ethic, market libertarianism, and socialist libertarianism. In the first two chapters in which I discuss Dick’s novels, I argue that Dick interrogates organizational masculinity as part of a larger project that suggests the inevitable infeasibility of both the social ethic and its predecessor, social liberalism. In the next chapter, I shift my attention to Heinlein’s The Moon Is a Harsh Mistress as a way of showing how, unlike Dick, other authors of the 1960s and early 1970s sought to move beyond social liberalism by imagining how new political ideologies, in this case market libertarianism, might change the way men see themselves. Having demonstrated how the libertarian potential of Heinlein’s novel is ultimately undermined by its insistent and uncompromising biological determinism, I then discuss how Le Guin’s The Dispossessed uses the socialist libertarianism of the moon Anarres to suggest a more egalitarian form of masculinity, one that makes possible, to some extent at least, a future in which men might embrace not only the mutual aid of socialism, but also the primacy of individual rights that is at the heart of all forms of libertarianism and liberalism.