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WRAP Theses Giraudo 2017.Pdf A Thesis Submitted for the Degree of PhD at the University of Warwick Permanent WRAP URL: http://wrap.warwick.ac.uk/103850 Copyright and reuse: This thesis is made available online and is protected by original copyright. Please scroll down to view the document itself. Please refer to the repository record for this item for information to help you to cite it. Our policy information is available from the repository home page. For more information, please contact the WRAP Team at: [email protected] warwick.ac.uk/lib-publications Uneven development and the governance of agricultural commodity booms: the case of soybean in South America Maria Eugenia Giraudo Thesis submitted in partial fulfilment of the requirements for the degree of Doctor of Philosophy in Politics and International Studies University of Warwick, Department of Politics and International Studies September 2017 Table of Contents Acknowledgments ................................................................................................ v Declaration ........................................................................................................... vii Abstract ................................................................................................................. viii List of Figures ........................................................................................................ ix List of Abbreviations ........................................................................................... x 1. Introduction .................................................................................................... 1 Cases and methodological approach .................................................................................................8 Case selection and context ............................................................................................................... 8 Methods and data collection ......................................................................................................... 18 Argument and original contributions ............................................................................................ 22 Structure of the thesis .......................................................................................................................... 26 2. Latin America’s political economy: a history of ‘booms and busts’ ....................................................................................................................... 31 Introduction .............................................................................................................................................. 31 ECLAC’s structuralism and dependency theory ........................................................................ 33 There is No Alternative! The lost decade and the Washington Consensus .................... 46 A new commodity boom and the rise of the ‘neos’: Post-neoliberalism and Neo- extractivism .............................................................................................................................................. 49 Towards a spatial political economy of Latin America ........................................................... 61 3. Capitalist space and processes of transformation ....................... 64 Introduction .............................................................................................................................................. 64 Space as a relational concept – or the importance of being spatial ................................... 67 From Fôrdlandia to Soylandia: uneven development and the seesaw movement of capital .......................................................................................................................................................... 73 Equalisation and differentiation ................................................................................................. 75 The seesaw movement of capital ................................................................................................ 78 Uneven development and the state ............................................................................................ 80 Unpacking the concept of scale......................................................................................................... 82 State space and processes of de- and reterritorialisation ..................................................... 86 ii Methodology and research strategy ............................................................................................... 93 Conclusion ................................................................................................................................................. 96 4. Physical infrastructure and accumulation: the politics of fixed capital ..................................................................................................................... 99 Introduction .............................................................................................................................................. 99 A multi-functional commodity hub: the Gran Rosario Complex, Argentina ............... 101 A soybean corridor in the Amazon basin: BR-163, Brazil .................................................. 111 Soybean’s fleet and the Paraguay-Paraná waterway ........................................................... 121 Conclusion: ‘Expanding possibilities and profit potential’ – the globalisation of the ‘Soybean Republic’ .............................................................................................................................. 126 5. Financialisation and accumulation: the politics of capital mobility ............................................................................................................... 130 Introduction ........................................................................................................................................... 130 Financialisation of agricultural commodities: history and evolution............................ 132 Financialisation of trade ................................................................................................................... 138 South American markets for agricultural derivatives ..................................................... 139 The Chicago Board of Trade and its role as a global price-setting space ................ 142 Towards a Global South price setter mechanism? ............................................................ 145 Financialisation of production ....................................................................................................... 149 Planting Pools .................................................................................................................................. 149 Rural credit and insurance in Brazil ....................................................................................... 153 The banking system in Paraguay ............................................................................................. 158 Conclusion .............................................................................................................................................. 159 6. Fiscal strategies and redistribution: the politics of taxation .. 163 Introduction ........................................................................................................................................... 163 Argentina: export-dependent fiscal enlargement .................................................................. 166 Discretional federalism ................................................................................................................ 167 Agribusiness-urban conflict ....................................................................................................... 171 Export-dependent social spending ......................................................................................... 175 Brazil: fragmented federalism or the ‘federalist trap’ .......................................................... 177 Fragile fiscal federalism ............................................................................................................... 178 Business and rural elites ............................................................................................................. 181 Distribution and the social compact ....................................................................................... 182 Paraguay: state co-optation by rural and urban elites ........................................................ 185 Unitary system with weak decentralisation ........................................................................ 186 The rule of agribusiness elites .................................................................................................. 187 An absent social contract ............................................................................................................ 189 iii Conclusion .............................................................................................................................................. 191 7. Macroeconomic policy and redistribution: the politics of currency .............................................................................................................. 195 Introduction ........................................................................................................................................... 195 Argentina’s exchange rate
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