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Abstract:This paper provides a new perspective on the political implications of intensified financialization in the global food system. There has been a growing recognition of the role of finance in the global food system, in particular the way in which financial markets have become a mode of accumulation for large transnational agribusiness players within the current food regime. This paper highlights a further political implication of agrifood system financialization, namely how it fosters 'distancing' in the food system and how that distance shapes the broader context of global food politics. Specifically, the paper advances two interrelated arguments. First, a new kind of distancing has emerged within the global food system as a result of financialization that has a) increased the number of the number and type of actors involved in global agrifood commodity chains and b) abstracted food from its physical form into highly complex agricultural commodity derivatives. Second, this distancing has obscured the links between financial actors and food system outcomes in ways that make the political context for opposition to financialization especially challenging.

The United Nations conference in Rio de Janeiro in June is an important opportunity to improve the institutional framework for sustainable development.

Our analysis situates the current COVID-19 induced food crisis within a longer-term historical perspective on policy responses to past food crises. We argue that the legacies left by these past policies created vulnerabilities in the face of the present crisis, which is characterized by three interlocking dynamics: disruptions to global food supply chains, the loss of income and livelihoods due to the global economic recession, and uneven food price trends unleashed by a set of complex factors. We make the case that the COVID-19 pandemic marks an inflection point and demands a different set of policy responses that work toward fundamentally transforming food systems.

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