Price Wars

How the Commodities Markets Made Our Chaotic World

By: Rupert Russell

Narrated by: Ben Deery

Length: 9 hrs and 10 mins

Publisher's summary

A fascinating, groundbreaking exposé of how commodity traders in New York and London have destabilized societies all over the world, leaving the most vulnerable at the mercy of hunger, chaos, and war.

For Rupert Russell, the Brexit vote was only the latest shock in a decade full of them: the unstoppable war in Syria, huge migrant flows into Europe, beheadings in Iraq, children placed in cages on the U.S. border. In Price Wars, he sets out on a worldwide journey to investigate what caused the wave of chaos that consumed the world in the 2010s.

Russell travels to Tunisia, Iraq, Venezuela, Ukraine, East Africa, and Central America and discovers that unrest in all these places was triggered by dramatic and mysterious swings in the price of essential commodities. Deregulation of the commodities markets means that food prices can shoot up even in years of abundant harvests, causing hunger and protest. Oil prices and real-estate values can surge even when supplies are normal, enriching and emboldening dictators. It is this instability—fueled by banks and hedge funds in faraway New York and London—that has toppled regimes and unsettled the West.

Price Wars is a fascinating, original, and groundbreaking exposé of the power of the commodities markets to disrupt the world.

©2022 Rupert Russell (P)2022 Random House Audio

Critic reviews

"Price Wars is a totally original and stimulating read, part war zone reportage, part economic history, and buzzing with ideas about the way markets work that will change your understanding of the world we live in.”—Liaquat Ahamed, author of Lords of Finance: The Bankers Who Broke the World, winner of the Pulitzer Prize

"An illuminating, sobering and endlessly fascinating look at the root causes and hidden connections between financial markets and some of the developing world’s most wrenching crises. Fearlessly reported from conflict zones from separatist Ukrainian provinces to the Middle East, Russell compellingly draws a line between commodity manipulation on Wall Street and the chaos that fuels extremism and violence."—Joby Warrick, author of Black Flags: The Rise of ISIS, winner of the Pulitzer Prize

"Price Wars is a thorough and compelling account of political instability generated by the hyper-financialization of commodities. It could not be more timely."—Zach D. Carter, author of The Price of Peace: Money, Democracy, and the Life of John Maynard Keynes

Brilliantly chilling

This book reminded me the first time I swallowed my pride and put on a pair of readers at CVS. The sudden clarity of the world around me through those +1.25 readers was simultaneously enlightening (I can see!!!) and self deprecating (you moron, you've been squinting at your phone for how long?)

Well worth the read/listen, and Parts III & IV are essential for the times we're in... though to fully appreciate these pages, it'd help if you had a conscience.

Bravo Mr. Russell

PRICE WARS

So much information! Beautiful narration, and great listening to Rupert Russell’s stories and analysis. The world chaos and upheavals of the 20th century to the present are skillfully threaded together with one unifying theme. Won’t look at the world the same after reading this. So much to think about - would suggest written book also, (for none economists like me)- as will want to reference in future.

thought provoking

easy to listen to and finish. different from other financial works. story is relevant to current financial and geopolitical landscape.

Details of the impact of prices across countries and continents.

I was surprised how the actions of speculators creates artificial shortages of food commodities like rice and flour. Those perceived shortages increases global prices of food items. As result people in poorer countries starves. That usually cause the collapse of governments which are unable to maintain its social contract with its population. Artificial commodity prices are not good for consumers.

I really wanted to like it

Te author is a good journalist and has a great ability with metaphors to explain his topic. The problem with the book is that he makes the metaphors do too much and they don’t end up explaining anything.

Laughably biased reporting

I’m a fairly apolitical person but this book is Laughably biased reporting from the author. Little to no balance from looking at alternative views or perspectives. The author writes about the topic like a reporter who’s dangerously firm in their conviction while having little exposure to viewpoints counter to their own.

Do not recommend.