450 economists tell the G20: regulate speculation on food prices

11 October 2011

Dear G20 Finance Ministers,

We write to you ahead of the October meeting of the G20 Finance Ministers to urge you to commit with your counterparts to take effective action to curb excessive speculation on food commodities. Excessive financial speculation is contributing to increasing volatility and record high food prices, exacerbating global hunger and poverty.

While there are many pressures on food prices, fundamental changes in supply and demand cannot fully account for the dramatic price fluctuations that have occurred in recent years.

In June, a report for the G20 by international organisations including the IMF and the OECD noted that “too much speculation can cause frequent and erratic price changes” in futures markets. Evidence suggests that financial speculators are less likely to make trading decisions based on information regarding supply and demand and are more prone to herding behaviours than commercial traders. Excessive speculation undermines the price discovery function of futures markets, driving real prices away from levels determined by supply and demand.

The High Level Panel of Experts on food security for the Committee on World Food Security at the FAO reported in July that “tighter regulation of speculation is necessary.” The panel suggested that “Increasing transparency, by requiring exchange trading and clearing of most agricultural commodity contracts, and setting lower limits for noncommercial actors could be the first set of measures taken by the countries that house major commodity exchanges.”

Increasing market transparency is vital, but will not go far enough to tackle excessive financial speculation. We therefore urge you to support the establishment of position limits to cap the proportion of agricultural commodity derivatives markets that can be  held by financial speculators. Limits could be set at a level that would maintain sufficient liquidity in the markets while preventing an excessive concentration of purely financial actors. The US has already passed legislation including provisions to introduce such limits and the G20 should act to prevent regulatory arbitrage between exchanges.

Position limits would be more effective in tackling excessive speculation than position management powers, which rely on the use of judgement by exchanges and provide little assurance that powers will be exercised effectively. Clear limits would provide regulatory certainty, promoting stable and sustainable derivatives markets to the benefit of food producers, consumers and broader economic stability.

With around 1 billion people enduring chronic hunger worldwide, action is urgently needed to curb excessive speculation and its effects on global food prices.

Yours sincerely,

cc: Michel Barnier, European commissioner for internal market and services

Signed

 

Mr Abdulhafiz Ahmed Abdisubhan, Finance and Economic Development Bureau, ETHIOPIA

Charles Abugre, Regional Director (Africa), The United Nations Millennium Campaign, Nairobi, KENYA

Prof Nicola Acocella, Department of Methods and Models for Economics, Territory and Finance, Faculty of Economics, University of Rome, ITALY

Dr Funda Rana Adacay, Associate Professor in Economics, Anadolu Univeristy, Eskisehir, TURKEY

Dr Ipek Illkkaracan Ajas, Associate Professor of Economics, Istanbul Technical University, TURKEY

Dr Alpaslan Akcoraoglu, Associate Professor of Economics, Gazi University, TURKEY

Prof A. Haroon Akram-Lodhi, Chair of the Department of International Development Studies, Trent University Peterborough, CANADA

Mr Tanweer Ali, Lecturer in Finance, Empire State College, State University of New York, USA

Marzouq Alnusf, Department of Economics, University of Massachusetts at Amherst, USA

Wilfried Altzinger, Department of Economics, Vienna University of Economics, AUSTRIA

Dr Francisco Alvarez Cuadrado, Associate Professor, Department of Economics, McGill University, CANADA

Dr Rui Henrique Alves, Assistant Professor at the Faculty of Economics, University of Porto, PORTUGAL

Dr Bruno Amoroso, Department for Society and Globalization Roskilde, University Denmark, DENMARK

Prof Paolo Andrei, Professor in Business Economics, University of Parma, ITALY

Rania Antonopoulos, Senior Scholar and Director of Gender Equality and the Economy Program, Levy Economics Institute, USA

Dr Ozlem Arpac Arconian, Department of Economics, School of Oriental and African Studies, University of London, UK

Prof Alessandro Arrighetti, Professor of Economics, University of Parma, ITALY

Prof Wiji Arulampalam, Department of Economics, University of Warwick,UK

Prof Thankom Arun, Director of Institute of Global Finance and Public Policy, Lancashire Business School, University of Central Lancashire, UK

Dr Michael Ash, Associate Professor of Economics and Public Policy and Chair, Department of Economics, University of Massachusetts Amherst, USA

Prof Venkatesh Athreya, Professor of Economics, Bharathidasan University, Tiruchirapalli, INDIA

Jonathan Adabre Atia, Policy Analyst, Integrated Social Development Centre, GHANA

Fiona Atkins, Lecturer in Economics, Birkbeck University of London, UK

Dr Rohit Azad, Assistant Professor, Faculty of Economics, South Asian University, New Delhi, INDIA

Prof M. V. Lee Badgett, Professor of Economics and Director for Center for Public Policy and Administration, University of Massachusetts Amherst, USA

Dean Baker, Co-Director, Center for Economics and Policy Research, USA

Dr Dean Baker, Center for Economic and Policy Research, Washington, DC, USA

Prof Radhika Balakrishnan, Professor of Women's and Gender Studies Rutgers, The State University of New Jersey, former Professor of Economics and International Studies at Marymount Manhattan College, USA

Prof Erol Balkan, Professor of Economics, Hamilton College, New York, USA

Dr Nesecan Balkan, Department of Economics, Hamilton College, USA

Dr Nina Banks, Associate Professor of Economics, Bucknell University, USA

Prof Drucilla K. Barker, Director Women’s & Gender Studies, Phd in Economics, University of South Carolina, Columbia, USA

Prof David Barkin, Distinguished Professor of Economics, Universidad Autonoma Metropolitana-Xochimilco, Mexico City, MEXICO

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Dr Stephanie Barrientos, Senior Lecturer, Institute of Development Policy and Management, Associate Director Brooks World Poverty Programme, University of Manchester, UK

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Prof Pavel Isa Contreras, Professor of Economics, Santo Domingo, DOMINICAN REPUBLIC

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Mr Ismail Erturk, Senior Lecturer in Banking, Manchester Business School, UK

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Prof Guilhem Fabre, Professor of Economics and Chinese Studies, University of Le Havre, FRANCE

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Prof Maria S. Floro, Department of Economics, American University, Washington, USA

Prof Giuseppe Fontana, Professor of Monetary Economics, Head of Economics, Leeds University Business School, University of Leeds, UK

Prof Alan Freeman, Visiting Professor of London Metropolitan University, UK

Dr Ines Freier, Economist, GERMANY

Dr Jose Ricardo Fucidji, Assistant Professor, Department of Economics, UNESP, BRAZIL

Dr Kevin Gallagher, Associate Professor of International Relations and Director of Global Development Policy Program, Boston University, USA

Dr Clara Garcia, Associate Professor, Department of Economics, Complutense University of Madrid, SPAIN

Prof Christian Gehrke, Department of Economics, University of Graz, AUSTRIA

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Dr Susan George, Political economist, Transnational Institute

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Francois Gobbe, Coordinator Kairos Europe WB, BRUSSELS

Prof Don Goldstein, Professor of Economics, Allegheny College, Meadville, USA

Dr Sara Gorgoni, Lecturer in Economics and Business, Business School, University of Greenwich, UK

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Dr Krishn A. Goyal, Convener & Head of Management Department, Bhupal Nobles College, Udaipur, INDIA

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Joseph Halevi, Department of Political Economy, University of Sydney, AUSTRALIA

Prof Ferda Halicioglu, Professor of Economics, Yeditepe University, TURKEY

Dr Peter Hall, Associate Professor, Urban Studies, Simon Fraser University, CANADA

Dr David Hall-Matthews, Senior Lecturer in International Development School of Politics and International Studies, University of Leeds, UK

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Prof Geoff Harcourt, Visiting Professorial Fellow at Australian School of Business, University of New South Wales, AUSTRALIA

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Prof Grazia Ietto-Gillies, Emeritus Professor of Applied Economics, London South Bank University, UK

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Gustavo Indart, Senior Lecturer, Department of Economics, University of Toronto, CANADA

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Dr Michael Johnson, Associate Professor at School of Social Science and International Studies, University of New South Wales, Sydney, AUSTRALIA

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Prof P.N. Junankar, Professorial Visiting Fellow, School of Economics, University of New South Wales and Emeritus Professor, University of Western Sydney, AUSTRALIA

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Woojin Kang, Researcher, Crawford School of Economics and Government. Australian National University, AUSTRALIA

Dr Nikolaos Karagiannis, Associate Professor of Economics, Department of Economics & Finance, Winston-Salem State University, North Carolina, USA

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Prof Massoud Karshenas, Professor of Economics, School of Oriental and African Studies, University of London, UK

Dr Emily Kawano, Executive Director, Center for Popular Economics & Solidarity Economy Network, USA

Prof Cristobal Kay, Emeritus Professor, International Institute of Social Studies, Erasmus University Rotterdam, NETHERLANDS.

Dr Steve Keen, Associate Professor in Economics and Finance, University of Western Sydney, AUSTRALIA

Prof Saul Keifman, Professor of Economics and Chair of the Economics Major School of Economics Sciences, University of Buenos Aires, ARGENTINA

Prof Neil M. Kellard, Professor of Finance, Essex Business School, University of Essex, UK

Dr Stephanie A. Kelton, Associate Professor of Economics, University of Missouri-Kansas City, USA

Ahmet Kerem Özdemir, Research and Teaching Assistant, Finance Department, School of Business Administration, Istanbul University, TURKEY

Dr Prue Kerr, Department of Economics, University of Adelaide, South Australia, AUSTRALIA

Prof Farida C Khan, Professor of Economics, University of Wisconsin - Parkside, USA

Prof Sushil Khanna, Professor of Economics and Strategic Management, Indian Institute of Management Calcutta, INDIA

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Prof Dennis Leech, Professor of Economics, Warwick University and Research Associate, CPNSS, London School of Economics, UK

Prof Margaret Levenstein, Professor of Business Economics and Public Policy, University of Michigan, USA

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Dr Dan Li, Assistant Professor in Finance, School of Economics and Finance University of Hong Kong, HONG KONG

Dr Carlos F. Liard-Muriente, Associate Professor and Chair of the Department of Economics, Central Connecticut State University, USA

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Dr Tracy Mott, Associate Professor and Department Chair of Economics, University of Denver, USA

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Dr Adam Ozanne, Senior Lecturer in Economics, University of Manchester, UK

Prof Mustafa Ozer, Professor of Economics, Anadolu University, TURKEY

Dr Ilhan Ozturk, Assistant Professor and Coordinator, International Relations & Erasmus, Cag University, TURKEY

Dr Aaron Pacitti, Assistant Professor of Economics, Siena College, USA

Adel Paighami, Dean of Interdisciplinary Research Center for Social Sciences, Economics Faculty, Imam Sadiq University, IRAN

Dr Parthapratim Pal, Associate Professor of Economics, Indian Institute of Management Calcutta, INDIA

Radhakrushna Panda, Senior Research Officer, Centre for Microfinance Research, Bankers Institute of Rural Development, INDIA

Prof Dimitri Papadimitriou, President and Professor of Economics, Levy Economics Institute, New York, USA

Prof Man Seop Park, Professor of Economics, Korea University, SOUTH KOREA

Dr Raj Patel, Author and Research Fellow, School of Development Studies, University of KwaZulu-Natal, Durban, SOUTH AFRICA

Prof Ruth Pearson, Professor of International Development, University of Leeds, UK

Jamie Peck, Research Chair in Urban and Regional Political Economy, University of British Columbia, CANADA

Prof Fernando Pellerano, Professor of Economics, Universidad Autónoma de Santo Domingo, DOMINICAN REPUBLIC

Dr Michael Perelman, Professor of Economics, California State University, USA

Prof Virginie Pérotin, Professor of Economics, Leeds University Business School, UK

Dr Karl Petrick, Assistant Professor, Department of Economics, Western New England University USA

Ann Pettifor, Director of Policy Research in Macroeconomics, UK

Dr Lynda J. Pickbourn, Assistant Professor of Economics, Keene State College, USA

Prof J F Pixley, Honary Professorial Research Fellow, Global Policy Institute, London Metropolitan University, UK

Prof Robert Pollin, Department of Economics and Political Economy Research Institute (PERI), University of Massachusetts-Amherst, USA

Prof Alexander Cotte Poveda, Professor of Economics, University of La Salle, USA

Prof Bernard van Praag, University of Amsterdam, AMSTERDAM

Ms Sajin Prachason, Sustainable Agriculture Foundation, THAILAND

Prof Eleuterio F. S. Prado, Professor of Political Economy, University of Sao Paulo, BRAZIL

Prof Robert E. Prasch, Professor of Economics,Middlebury College, USA

Dr Renee Prendergast, Reader, Queen's University Management School, Belfast, NORTHERN IRELAND

David Primack, Executive Director, International Lawyers and Economists Against Poverty (ILEAP), CANADA

Prof Adam Przeworski, Carroll and Milton Petrie Professor, Department of Politics, New York University, USA

Prof Alicia Puyana Mutis, Latin American Faculty of Social Sciences, Flasco, MEXICO

Mr Hugo Radice, Life Fellow, School of Politics and International Studies, University of Leeds, UK

Dr Kunibert Raffer, Associate Professor, Department of Economics, University of Vienna, AUSTRIA

Dr Anton Rainer, Federal Ministry of Finance, Vienna, AUSTRIA

Prof Indira Rajaraman, Honorary Visiting Professor, Indian Statistical Institute, INDIA

Prof V. K. Ramachandran, Professor, Indian Statistical Institute, Kolkata, INDIA

Prof K.V. Ramaswamy, Professor, Indira Gandhi Institute of Development Research, INDIA

Prof Paolo Ramazzotti, Professor of Economic Policy, University of Macerata, ITALY

Prof D. Narasimha Reddy, Professor of Economics, University of Hyderabad, INDIA

Howard Reed, Director, Landman Economics, UK

Prof Michael Reich, Professor of Economics and Director of Institute for Research on Labour and Employment, University of California at Berkeley, USA

Dr Paolo de Renzio, Senior Research Fellow, International Budget Partnership, Research Associate, Global Economic Governance Programme, University of Oxford, UK

Prof Colin Richardson, Adjunct Professor of Economics Centre for International Security Studies, University of Sydney, AUSTRALIA

Prof Christopher Ritson, Professor Emeritus, Trustee Director of the Food Ethics Council and Professor of Agricultural Marketing, Newscastle University Agricultural Building, UK

Prof Michael T. Rock, Samuel and Etta Wexler Professor of Economic History, Bryn Mawr College, USA

Dr Leopoldo Rodriguez, Associate Professor in International Development Studies, Portland State University, USA

Prof Alessandro Roncaglia, Professor of Economics, Sapienza University of Rome, ITALY

Prof Sergio Rossi, Professor of Economics, University of Fribourg, SWITZERLAND

Prof Roy J. Rotheim, Professor of Economics, Skidmore College, New York, US

Dr B. P. Syam Roy, IAS (Retd), West Bengal, INDIA

Prof Guillermo Rozenwurcel, Director of IDEAS Centre, San Martin National University, ARGENTINA

Dr Kobil Ruziev, Lecturer in Economics, Programme Director MSc Banking and Financial Regulation, School of Management and Business Aberystywth University, UK

Muhammad Sabir, Principal Economist, Social Policy and Development Centre, PAKISTAN

Dr Peter Sai-Wing Ho, Associate Professor of Economics, University of Denver, USA

Prof Wiemer Salverda, Director of AIAS, and special Chair Labour Market and Inequality, University of Amsterdam, NETHERLANDS

Dr Wiemer Salverda, General Director of AIAS, and special Chair Labour Market and Inequality, University of Amsterdam, NETHERLANDS

Dr Diego Sanchez-Ancochea, University Lecturer in the Political Economy of Latin America, University of Oxford, UK

Dr Sankersan Sarkar, Assistant Professor of Finance, NIIT University, Rajasthan, INDIA

Prof Rubens R. Sawaya, Professor of Economics, Sao Paul Catholic Pontificia University, BRAZIL

Prof Malcolm Sawyer, Professor of Economics, University of Leeds, UK

Dr Harwood D. Schaffer, Research Assistant Professor, Agricultural Policy Analysis Center, Department of Agricultural and Resource Economics, University of Tennessee Institute of Agriculture, USA

Prof Hans Schenk, Chaired Professor of Economics, Department of Economics, Utrecht University, NETHERLANDS

Dr Ted P. Schmidt, Associate Professor of Economics and Finance SUNY, USA

 Karin Schoenpflug, Economist, Institute for Advanced Studies, University of Vienna, AUSTRIA

Dr Evert Schoorl, Economist and Director of graduate studies, Groningen University, NETHERLANDS

Dr Juliet Schor, Phd Economics, Boston College, USA

Dr Molly Scott Cato, Reader in Green Economics, Cardiff School of Management, UK

Prof Mario Seccareccia, Department of Economics, University of Ottawa, Ontario, CANADA

Prof Stephanie Seguino, Department of Economics, University of Vermont, USA

Professor Sunanda Sen, Visiting Professor, Jamia Millia Islamia University, New Delhi, INDIA

Dr Esther-Mirjam Sent, Professor of Economics at Radboud University, Nijmegen, the Netherlands and Member of the Senate of the Netherlands, NETHERLANDS

Prof Ardeshir Sepehri, Professor of Economics, University of Manitoba, CANADA

Dr John Serieux, Associate Professor of Economics, University of Manitoba, CANADA

Prof Mark Setterfield, Professor of Economics and Chair Department of Economics, Trinity Colelge, Hartford, USA

Prof Anwar Shaikh, Professor of Economics, New School of Social Research, New York, USA

Reader Benjamin Shepherd, Food Security in Asia Program, Centre for International Security Studies, University of Sydney, AUSTRALIA

Prof Tokutaro, Shibata, Professor of Economics, University of Tokyo, JAPAN

Sabira Ahamed Shine, Research Associate, ICSSR Research Project, School of Management Studies, Cocin University of Science and Technology, INDIA

Dr Chen Shuoying, Assistant Professor, Chinese Academy of Social Sciences, CHINA

Dr Kalim Siddiqui, Senior Lecturer in International Economics, Business School, University of Huddersfield, UK

Prof Francesco Silva, Professor of Economics, Milano-Bicocca University, ITALY

Prof Maria Luiza Falcão Silva, Professor of Economics, University of Brasilia, BRAZIL

Dr John Simister, Department of Economics, SOAS, University of London, UK

Dr John Simister, Senior teaching fellow, Economics department, School of Oriental and African Studies, University of London, UK

Dr Pritam Singh, Reader in Economics, Oxford Brookes University, UK

Prof Anna Soci, Professor of Economics at the University of Bologna, ITALY

Prof Funmi Soetan, Professor of Economics and Director at Center for Gender and Social Policy Studies, Obafemi Awolowo University, NIGERIA

Dr Stefano Solari, Associate Professor of Political Economy, Padova University, ITALY

Dr  Somannavar, Department of Economics, KLE Society's Lingaraj College, Karnataka, INDIA

Prof Cem Somel, Professor of Economics, Abant Izzet Baysal University, TURKEY

Dr Godwin Sree Kulakkal, Assistant Professor, Department of Economics, Government College for Women, Kerala, INDIA

Prof Ravi S. Srivastava, Professor of Economics, Centre for the Study of Regional Development, Jawaharlal Nehru University, New Delhi, INDIA

Dr Eduardo Stachman, Assistant Professor, Department of Economics, Sao Paul State University, BRAZIL

Prof Howard Stein, Professor of Development Economics, Afroamerican and African Studies, University of Michigan, USA

Prof Engelbert Stockhammer, Professor of Economics, Kingston University, UK

Dr Servaas Storm, Department of Economics of Innovation, Delft University of Technology, Delft, NETHERLANDS

Dr Eduardo Strachman, Assistant Professor of Economics, Sao Paulo State University, BRAZIL

 Larry D. Su, Senior Lecturer, School of Business, University of Greenwich, UK

Dr David Sunderland, Reader and Principal Lecturer, University of Greenwich, UK

Prof Madhura Swaminathan, Indian Statistical Institute, INDIA

Dr Valeria Szekeres, Associate Professor of Economics, Obuda University, Budapest, HUNGARY

Dr Szabolcs Szikszai, Senior Lecturer in Finance and Economics, University of Pannonia, HUNGARY

Prof Giulio Tagliavini, Professor of Business Finance, Parma University, ITALY

Prof Haruhito Takeda, Economic Historian, Faculty of Economics, Tokyo University, Japan

Dr John M. Talbot, Senior Lecturer in Sociology, Department of Sociology, Psychology and Social Work University of the West Indies, JAMAICA

Dr Jeff Tan, Assistant Professor of Development Studies, Aga Khan University, UK

 

Prof Ke Tang, Hanqing Advanced Institute of Economics and Finance and School of Finance,  Renmin University of China, CHINA

Dr Pavlina R. Tcherneva, Assistant Professor of Economics, Franklin and Marshall College, USA

Dr Khemarat T. Teerasuwannajak, Department of Economics, Chulalongkorn University, THAILAND

 

Bilge Terzioglu, Department of Economics, Isik University, Istanbul, TURKEY

Dr Jose Rafael Tesoro, Lecturer in Economics, University of Buenos Aires, ARGENTINA

Mr Albin Thaarcis, Assistant Professor of Economics, St Xavier’s College, INDIA

Dr Frank Thompson, Lecturer in Economics, Residential College, University of Michigan, USA

Prof Mario Tiberi, Professor of Political Economy, Sapienza, University of Rome, ITALY

Dr Gunther Tichy, Austrian Institute of Economic Research, AUSTRIA

Prof Chris Tilly, Professor of Urban planning and sociology and Director, Institute for Research on Labor and Employment UCLA, Los Angeles, USA

Dr Zdravka Todorova, Assistant Professor, Department of Economics, Raj Soin College of Business, Wright State University, Ohio, USA

Prof Mario Tonveronachi, Professor of Financial Systems, University of Siena, ITALY

Prof Jan Toporowski, Professor of Economics and Finance, School of Oriental and African Studies, University of London, UK

Prof Mariano Torras, Professor of Economics, Adelphi University, USA

Dr Andres Torres, Distinguished Lecturer, Department of Latin American and Puerto Rican Studies, Lehman College/CUNY, New York, USA

Dr Oscar Ugarteche, Institute of Economic Investigations, UNAM, Ciudad University, MEXICO,

Dr Mehmet Ugur, Reader in Political Economy, International Business and Economics, University of Greenwich Business School, UK

Prof Vittorio Valli, Professor of Economic Policy, Turin University, ITALY

Prof Rolph van der Hoeven, Professor of Employment and Development Economics, International Institute of Social Studies (ISS), Erasmus University, NETHERLANDS

Prof Irene van Staveren, Professor of Pluralist Development Economics, ISS, Erasmus University Rotterdam, NETHERLANDS

Dr Elisa Van Waeyenberge, Lecturer in Economics, School of Oriental and African Studies, University of London, UK

Roberto Veneziani, Senior Lecturer, School of Economics and Finance, Queen Mary University of London, UK

Dr Matías Vernengo, Associate Professor of Economics, University of Utah, USA

Dr Rudi von Arnim, Assistant Professor of Economics, University of Utah, USA

Andrew Watt, Senior Researcher in Economics, European Trade Union Institute

Prof John Weeks, Professor Emeritus of Economics, School of Oriental and African Studies, UK

Dr Scott A. Weir, Wake Technical Community College, Raleigh, NC, USA

Mark Weisbrot, Co-Director of Center for Economic and Policy Research, Washington, USA

Prof Thomas E. Weisskopf, Professor Emeritus of Economics, University of Michigan, USA

Prof Philip B. Whyman, Director, Lancashire Institute for Economic and Business Research, University of Central Lancashire, UK

Dr Jeannette Wicks-Lim, Assistant Research Professor, Political Economy Research Institute, University of Massachusetts, Amherst, USA

Prof Rorden Wilkinson, Professor of International Political Economy, School of Social Sciences and Research Director, Brooks World Poverty Institute, University of Manchester, UK

Timothy A. Wise, Director, Research and Policy Program, Global Development and Environment Institute, Tufts University, Medford, USA

Dr Martin Wolfson, Associate Professor of Economics, University of Notre Dame, USA

Prof Enrico Wolleb, Director ISMERI EUROPA, Roma, ITALY

Dr Andrew Wood, Reader in Finance, Essex Business School, University of Essex, UK

Prof Chenggang Xu, Quoin Professor in Economic Development, University of Hong Kong, HONG KONG

Prof Mo Yamin, Professor of International Business, Manchester Business School, UK

Dr Yavuz Yasar, Associate Professor, Department of Economics, University of Denver, USA

Prof Erhan Yildirim, Department of Economics, Cukurova University, Adana, TURKEY

Prof Brigitte Young, Institute for Political Science, University of Muenster, GERMANY

Dr Elizabeth Young, Lecturer in Food and Agriculture, University of Staffordshire, UK

Dr June Zaccone, Associate Professor of Economics (Emerita), Hofstra University Hempstead, New York, USA

Prof Angelika Zahrnt, Professor of Economics, Bund fur Umwelt und Naturschutz, GERMANY

Nimrod Zalk, Deputy Director-General, Industrial Development Division, Department of Trade and Industry, SOUTH AFRICA

Dr Luisa Zanchi, Lecturer in Economics, University of Leeds, UK