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Market Threads : How Cotton Farmers and Traders Create a Global Commodity - Koray Caliskan

Market Threads

How Cotton Farmers and Traders Create a Global Commodity

Hardcover

Published: 17th September 2010
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What is a global market? How does it work? At a time when new crises in world markets cannot be satisfactorily resolved through old ideas, "Market Threads" presents a detailed analysis of the international cotton trade and argues for a novel and groundbreaking understanding of global markets. The book examines the arrangements, institutions, and power relations on which cotton trading and production depend, and provides an alternative approach to the analysis of pricing mechanisms.

Drawing upon research from such diverse places as the New York Board of Trade and the Turkish and Egyptian countrysides, the book explores how market agents from peasants to global merchants negotiate, accept, reject, resist, reproduce, understand, and misunderstand a global market. The book demonstrates that policymakers and researchers must focus on the specific practices of market maintenance in order to know how they operate. Markets do not simply emerge as a relationship among self-interested buyers and sellers, governed by appropriate economic institutions. Nor are they just social networks embedded in wider economic social structures. Rather, global markets are maintained through daily interventions, the production of prosthetic prices, and the waging of struggles among those who produce and exchange commodities. The book illustrates the crucial consequences that these ideas have on economic reform projects and market studies.

Spanning a variety of disciplines, "Market Threads" offers an original look at the world commodity trade and revises prevailing explanations for how markets work.

"All in all, an intellectually exciting book which I thoroughly enjoyed reading."--Brenda Jubin, Reading the Markets blog

Prefacep. xi
Acknowledgmentsp. xiii
Introduction: How to Study a Global Marketp. 1
A Review of Literature on the Marketp. 2
Social Studies of the Marketp. 3
New Directions in the Social Study of Marketsp. 6
Commodity Chains, Systems of Provision, and the Social Lives of Thingsp. 9
Why Cotton?p. 11
How to Follow Cotton?p. 13
Where to Follow Cotton?p. 14
Summary of Argumentsp. 16
What Is a World Price? The Prosthetic and Actual Worth of Cottonp. 22
How Much Does an Actual Bale of Cotton Really Cost?p. 24
The Price Disappears Againp. 31
Making Sense of the Pricep. 33
Market Reportsp. 35
Optional Prices of Cottonp. 49
Conclusionp. 54
Market Maintenance in the Worlds of Commodity Circulationp. 59
The World of Cottonp. 60
We Have on This Day Sold to You as Followsp. 61
The Shipment Is Brought Togetherp. 64
Two Thousand Bales to Gop. 66
We Hereby Confirm the Arrival of ...p. 75
The Market Platform: Capital, Knowledge, and Networkp. 76
Conclusionp. 80
Markets' Multiple Boundaries in Izmir, Turkeyp. 84
Pit Trading in the Izmir Mercantile Exchangep. 85
The Rehearsal Price of the Pitp. 88
The Transaction Price of Postpit Tradingp. 94
Making the Market Price of Turkish Cottonp. 97
Another Market Place: The Permanent Working Group on Cottonp. 99
Conclusionp. 102
A Market without Exchange: Cotton Trade in Egyptp. 105
The World's First Cotton Futures Market and Its Historical Settingp. 106
Alcotexa and Cotton's Associate Pricep. 108
We Spend All Our Time in Search of the Pricep. 115
Three Traits of Tradep. 119
Cotton Comes to the Marketp. 122
Conclusionp. 128
Growing Cotton and Its Global Market in a Turkish Villagep. 131
Field Preparation and Sowing in Pamukköyp. 133
Mechanical and Manual Sowingp. 136
Irrigationp. 140
The Harvestp. 141
The Market: Exchanging Cotton in Pamukköyp. 144
The Traders' Pricep. 145
The Farmers' Pricep. 148
Conclusionp. 152
Cotton Fields of Power in Rural Egyptp. 156
Cotton Is Disappearing in Egyptp. 158
An Illegal Alien in the Egyptian Countrysidep. 159
Growing Cotton in the Fields of Kafr Gaffar and 'Izbet Sabrip. 161
So Your Egyptians Are Kurds, No?p. 164
The Struggle to Survive: Farmers, Animals, and Stockp. 166
Financing the Plant Stock with Livestockp. 169
The Gamoosa Dies, the Cotton Growsp. 171
Research in the Wild Countrysidep. 174
The Harvesting and Marketing of Cottonp. 177
Conclusionp. 185
Conclusion: What Is a Global Market?p. 188
Bridging the Global and the Regionalp. 193
The Rural Fields of Global Marketsp. 198
The Production and Exchange of Cottonp. 200
The Market Fields of Powerp. 202
What Is to Be Done with the Marketp. 205
Glossaryp. 209
Referencesp. 213
Indexp. 223
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780691142418
ISBN-10: 0691142416
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 248
Published: 17th September 2010
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 23.5 x 15.2  x 2.54
Weight (kg): 0.45