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The World For Sale: Money, Power, and the Traders Who Barter the Earth's Resources

4.6 4.6 out of 5 stars 3,361 ratings

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Shortlisted for the Financial Times & McKinsey Business Book of the Year Award
An
Economist Book of the Year

The modern world is built on commodities - from the oil that fuels our cars to the metals that power our smartphones.

We rarely stop to consider where they have come from. But we should.

The World for Sale lifts the lid on one of the least scrutinized corners of the world economy: the billionaire commodity traders who buy, hoard, and sell the earth's resources. It is the story of how a handful of swashbuckling businessmen became indispensable cogs in global markets, enabling an enormous expansion in international trade and connecting resource-rich countries - no matter how corrupt or war-torn - with the world's financial centers. The result is an eye-opening tour through the wildest frontiers of the global economy, as well as a revelatory guide to how capitalism really works.
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From the Publisher

The World For Sale

Editorial Reviews

Review

"This jaw-dropping study shows how much money and global influence is concentrated in the hands of a tiny group... A remarkable book... As the authors roam from oilfield to wheatfield, they reveal information so staggering you almost gasp... The colour is fantastic... Tracking down some of the biggest names in the business to their German castles and stud farms and persuading them to talk is a rare scoop. --Sunday Times

"The commodity-traders who feature in The World For Sale are not the kind who yell orders at each other in the ring of the London Metal Exchange, [but instead] the small band of mostly private companies that move bulk commodities from there to here. It is a fascinating and revealing story, largely because of where "there" is: usually a place where many people would prefer not to do business, run by characters they would prefer not to do it with. A handful of swashbucklers became billionaires by overcoming such qualms... There are tales in the book of breathtaking trades, such as shipments of rebel oil from war-torn Libya or deals bartered amid the brutal "aluminium wars" in the Russia of the 1990s... The seeds of a sequel to this gripping book lie somewhere here." --The Economist

"Javier Blas and Jack Farchy probe the hard-knuckle and secretive world of commodity trading." --What to Read in 2021, Financial Times

"Blas and Farchy compellingly lay out how a handful of secretive traders have had a hand in directing not only the world's commodities, but also its politics and history. The World For Sale draws back the covers on a sector where civil wars, dubious regimes and the collapse of states have often been just another business opportunity -- and what that has meant for the rest of us. Intriguing and, at times, alarming." --Helen Thomas, Business Editor, BBC Newsnight

"A colorful and alarming exposé of the shadowy world of global commodity trading... Hair-raising anecdotes... An engrossing look at an obscure yet consequential corner of the financial world." --Publishers Weekly

"A virtuoso depiction of the globe's top oil, food and metals traders... Javier Blas and Jack Farchy should be awaiting the call from Hollywood. The World For Sale contains at least half a dozen narrative threads that would form the basis of a good thriller. But the authors' main achievement is to subject the biggest commodity players, and their impact on the real world, to proper critical scrutiny... The depth of the reporting by the Bloomberg journalists, who previously worked for the Financial Times, is impressive... Fascinating." –Reuters

"Some of the stories beggar belief... A fascinating story, it's just incredible some of the routes that the money takes." --Lawrence Pollard, BBC Newsday

"Could there be a better moment for Javier Blas and Jack Farchy's rollicking new account of [commodity] markets' recent history to land on investors' desks? ...This high level narrative is gripping enough. But it is the details of what these freewheeling companies actually got up to that give the book a thriller-like quality. The World For Sale opens with the private jet of [the late chief executive of Vitol] making corkscrew turns into Benghazi airport in 2011 so he can dodge hostile missiles and strike a deal to supply the rebel forces with oil in the middle of the Libyan civil war. That turns out to be one of the more conventional deals that pepper the narrative... Educational and entertaining..." --Felix Martin, Financial Times

"If you have the slightest interest in how the modern world was made, by whom, at what price, and at what profit, this is the book for you... Superbly researched and tidily written... A clean, compelling chronicle of the central role that commodity traders have played in the global economy from the end of World War II to the present. What they found isn't pretty -- but it's plenty illuminating. --Foreign Policy

"A highly readable study in world economics and a valuable primer for would-be oil barons." –Kirkus

"Blas and Farchy shine light on what's long been the financial market's darkest corner the crucial, yet underappreciated, role commodity traders play in global finance and geopolitics. The characters are fascinating and their impact cannot be understated. The World For Sale is a fascinating, eye-opening read." --Gregory Zuckerman, New York Times-bestselling author of The Man Who Solved the Market

"Javier Blas and Jack Farchy deftly peel back the curtain on the amoral swashbucklers of capitalism who trade in commodities natural resources like oil, coal and aluminium. The World For Sale is a gripping account of how they achieved their stranglehold over the world economy, and their troubling influence on global politics to this day." --Brad Stone, New York Times-bestselling author of The Everything Store

"The World For Sale is the definitive, eye-opening story of the most powerful and secretive traders in the world. These commodity traders, including all manner of cutthroats, eccentrics and amoral corruptors, play a major role in the global economy one that few people understand. Javier Blas and Jack Farchy illuminate it perfectly, helped by their decades of experience covering the beat from the ground up." --Bradley Hope, New York Times-bestselling author of Billion Dollar Whale

Book Description

A gripping look at commodity trading-a high-stakes mix of finance and politics -that plays a crucial role in some of the most important world events.

Product details

  • Publisher ‏ : ‎ Oxford University Press (March 1, 2021)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 416 pages
  • ISBN-10 ‏ : ‎ 0190078952
  • ISBN-13 ‏ : ‎ 978-0190078959
  • Item Weight ‏ : ‎ 1.5 pounds
  • Dimensions ‏ : ‎ 9.21 x 6.14 x 0.94 inches
  • Customer Reviews:
    4.6 4.6 out of 5 stars 3,361 ratings

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4.6 out of 5 stars
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Customers say

Customers find the book an enlightening resource for learning about commodity trading history and facts. They describe it as a compelling, fun read with a fast-paced narrative. The writing style is described as journalistic and flows smoothly. Readers appreciate the riveting stories and economic analysis of the commodities trade.

AI-generated from the text of customer reviews

41 customers mention "History"41 positive0 negative

Customers find the book an excellent resource for learning about the history and facts about commodity trading. They describe it as well-researched, interesting, and enlightening. The narrative is described as informative and engaging. Readers mention that the last chapter provides a basis on the future of commodity trading.

"...Javier Blas and Jack Karchy did a stellar job! Painstakingly researched (with sixty pages of reference notes), well-written, engaging and the..." Read more

"I thought this was a fantastic book on international commodities trade and finance. It is written in a style that makes it easy and fun to read...." Read more

"The book provides a very comprehensive overview of the large commodity traders, their history, their business, and rates amd narrates little known..." Read more

"...The authors uncover many fascinating stories about the traders and their willingness to take risks, going to where no one else wants to go and..." Read more

27 customers mention "Readability"27 positive0 negative

Customers find the book engaging and easy to read. They say it provides an excellent introduction to oil with a riveting narrative that keeps them hooked.

"...researched (with sixty pages of reference notes), well-written, engaging and the authors should be commended for their success in conducting..." Read more

"...It is written in a style that makes it easy and fun to read...." Read more

"...the global trade in oil, minerals and grains, this book gives an excellent introduction, with the principal focus on oil...." Read more

"...This is a cool book. The subject is not on everybody’s radar screen. And that’s what makes it even more interesting." Read more

15 customers mention "Pacing"15 positive0 negative

Customers find the book engaging and readable. They appreciate the journalistic perspective and intelligent writing style. The book provides insights into the topic and includes anecdotes from the author's personal experiences.

"...Painstakingly researched (with sixty pages of reference notes), well-written, engaging and the authors should be commended for their success in..." Read more

"...It is written in a style that makes it easy and fun to read...." Read more

"...If the subject interests you, I recommend the book highly. It's highly readable and I got through on a part-time basis in a few days." Read more

"...traders, their history, their business, and rates amd narrates little known anecdotes, which are probably closer home than most of us realize" Read more

5 customers mention "Narrative quality"5 positive0 negative

Customers enjoy the engaging narrative. They find the stories insightful and the writing fast-paced.

"...Once you get used to that, however, there are some great stories mixed in here and there, but I wish the presentation was a little more..." Read more

"...The narrative stands riveting, keeping the reader in suspense and thirsty for more...." Read more

"...These writers weave a zippy narrative that is chockful of great info, I especially the gossipy stuff...." Read more

"Lots of hype . Good stories and insightful for industry folks . If you are not part of the commodities world this book is not relevant..." Read more

4 customers mention "Economic value"4 positive0 negative

Customers find the book provides an excellent historical and economic analysis of the commodities trade. They mention that millions and billions of dollars are at stake, with political and economic power rivaling and even surpassing most of the world. The upside and downside of how the trading works, as well as the asymmetries to profitably trade oil, grains, and metals.

"...leveraged information asymmetries to (very) profitably trade oil, grains and metals...." Read more

"...And the millions and billions of dollars at stake. The upside and downside of how the trading works. I found it all fascinating." Read more

"...a world where companies an individuals whose political and economic power rivals and even surpasses most of the world governments." Read more

"Excellent historical and economic analysis of the commodities trade..." Read more

Top reviews from the United States

  • Reviewed in the United States on April 5, 2023
    As a former commodity trader, who traded with every major commodity house covered in this book, I was very skeptical that any journalists could do a good job on this subject. Boy, was I wrong! Javier Blas and Jack Karchy did a stellar job! Painstakingly researched (with sixty pages of reference notes), well-written, engaging and the authors should be commended for their success in conducting personal interviews with many traders and key players. Great read! It will be a permanent addition to my library.
    12 people found this helpful
    Report
  • Reviewed in the United States on May 20, 2024
    I work in the shipping industry and have been dealing with commodity traders for 20 years. Now I finally get to understand their mentality and the way they do business (and make a lot of money)
    3 people found this helpful
    Report
  • Reviewed in the United States on December 20, 2022
    I thought this was a fantastic book on international commodities trade and finance. It is written in a style that makes it easy and fun to read. You don’t need any knowledge of commodities accounting to understand and appreciate it.

    The book tells of the individuals who created the very concepts of international commodities trading in the 1950s and then moved to establish private partnership companies specializing in certain commodities such as coal, oil, copper, ferrous ores, nickel, cobalt, and now in the 21st century the rare earth metals necessary for cellphones and computers. By the 1990s or early 21st century the profits were in the billions of dollars.

    There are many stories how a trader rescued an entire country or government from potential bankruptcy. There are also stories of how one or more of these trading companies were complicit in aiding a local dictator to raid his country of resources for him to become fabulously wealthy.
    7 people found this helpful
    Report
  • Reviewed in the United States on July 29, 2024
    I have the paperback which is 328 pages not including acknowledgements and footnotes. If you're interested in the global trade in oil, minerals and grains, this book gives an excellent introduction, with the principal focus on oil. The Introduction is entitled "The Last Swashbucklers" and the Conclusion is entitled "A Lot of Skeletons." This gives a good sense of the book's thrust, an ethos of "how can I make really, really large amounts of money" without worrying about the consequences to third parties. Sometimes those consequences could be helpful and sometimes not. The book elaborates on both with the emphasis on the political effects of trading, which has the effect of propping up all sorts of political elites, some you may like and some you may not.

    The first roughly 1/3rd of the book details the rise and fall of Marc Rich, who started his career at Philipp Brothers, but left to go his own way in a dispute over how much he should be paid. Marc Rich was a colorful figure who, for a while, exercised a lot of power over the oil market. Mr. Rich's downfall led to the creation of several major trading houses. The book discusses this.

    Glencore, Vitol, and Trafigura are successors to Marc Rich and they operated as swashbucklers too. They traded in other commodities besides oil and the book looks at some of these trades as well. According to the authors, much of the success of the traders came from superior information gleaned from having people and offices in many nooks and crannies of the world that many "respectable" companies didn't have. Even with superior information sources, the traders were still gambling and their gambles, at times, didn't pay off. But many times their trades did pay off and spectacularly so.

    The authors also elaborate on how for much of the time the traders had no real governmental regulation. They operated globally and made their own rules. The rise of China as an economic power in the 1980s through the early 2010s enabled many very profitable trades for these global players.

    The book finishes with a review of some of the changes that have diminished, but not eliminated, the power of these global players. China, and others, began to set up their own trading arms to go around the Glencore, Vitol, etc., grip on trading. China also has had its own economic challenges. The US and Europe have begun to exercise some regulatory authority over the traders and information, with the internet has become more widely available, all of which has eroded the edge of the traders, but I don't think they're going away.

    If the subject interests you, I recommend the book highly. It's highly readable and I got through on a part-time basis in a few days.
    7 people found this helpful
    Report
  • Reviewed in the United States on April 3, 2024
    The book provides a very comprehensive overview of the large commodity traders, their history, their business, and rates amd narrates little known anecdotes, which are probably closer home than most of us realize
  • Reviewed in the United States on February 1, 2025
    Met all expectations.
  • Reviewed in the United States on February 8, 2024
    A surprisingly engaging book about a lesser-known business: the commodity traders.
    Blas and Farchy’s book starts in the middle of the 20th century, and details how a group of entrepreneurial men (yes, it’s a men-dominated business) leveraged information asymmetries to (very) profitably trade oil, grains and metals.
    The authors uncover many fascinating stories about the traders and their willingness to take risks, going to where no one else wants to go and negotiating with the outcasts of the world.
    This is a cool book. The subject is not on everybody’s radar screen. And that’s what makes it even more interesting.
    2 people found this helpful
    Report
  • Reviewed in the United States on January 24, 2022
    This book captures the reader’s attention while explaining the evolution of commodities trading. The authors describe the history and corporate battles within the commodity trading houses and provide the political-economic context that shaped the trading houses, and that the houses also shaped.

    For a reader interested in economics and without much background reading in commodities trading, this book was intellectually exciting and entertaining.

    For those interested in the dirtier and corrupt side of commodities trading, I recommend pairing this book with the Looting Machine and The Dictator’s Handbook. This book does discuss the role corruption has had in commodities trading, and structurally why traders have the incentive to bribe, but corruption has a relatively small role in it.
    9 people found this helpful
    Report

Top reviews from other countries

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  • Amazon Customer
    5.0 out of 5 stars There is some really big fish in the sea
    Reviewed in Canada on February 15, 2024
    I can only say wow. If you don't understand how the world works and who runs it, read this book.
  • Kroen Stefan
    5.0 out of 5 stars O mundo dos traders
    Reviewed in Brazil on May 2, 2022
    Muito bem escrito e descrito. Traz muitas informações sobre este mundo das tradings mundo afora, além de histórias interessantíssimas!
    Report
  • AlKO
    5.0 out of 5 stars Amazing book, must read!
    Reviewed in Germany on March 4, 2025
    Loved this book - amazing, stunning and breath stopping!
  • A. S. Baleares
    5.0 out of 5 stars commodity traders analysed
    Reviewed in Spain on November 22, 2024
    a very well researched book with all the references made precisely and well explained in the context, the wild world of commodity traders is worth reading and leaves you with some food for thought....
  • Client d'Amazon
    5.0 out of 5 stars Le négoce de l ombre
    Reviewed in France on September 25, 2024
    Ce livre m a permis de découvrir le monde des negociants du pétrole des matières premières, des céréales. Leur influence, pouvoir au niveau politique et économique. Ces sociétés dont le chiffre d affaires se compte en milliards de dollars et dont on parle très peu. Je vous recommande de le lire pour découvrir cet univers.