Could This MIT Economist Make Banking Useful to the Poor?

What Is Forex Trading ? – A Definition & Introduction What is Forex? – The basics… Basically, the Forex market is where banks, businesses, governments, investors and traders come to exchange and speculate on currencies. The Forex market is also referred to as the ‘Fx market’, ‘Currency market’, ‘Foreign exchange currency market’ or ‘Foreign currency market’, and it is the largest and most liquid market in the world with an average daily turnover of $3.98 trillion. The Fx market is open 24 hours a day, 5 days a week with the most important world trading centers being located in London, New York, Tokyo, Zurich, Frankfurt, Hong Kong, Singapore, Paris, and Sydney. It should be noted that there is no central marketplace for the Forex market; trading is instead said to be conducted ‘over the counter’; it’s not like stocks where there is a central marketplace with all orders processed like the NYSE. Forex is a product quoted by all the major banks, and not all banks will have the exact same price. Now, the broker platforms take all theses feeds from the different banks and the quotes we see from our broker are an approximate average of them. It’s the broker who is effectively transacting the trade and taking the other side of it…they ‘make the market’ for you. When you buy a currency pair…your broker is selling it to you, not ‘another trader’. • A brief history of the Forex market Ok, I admit, this part is going to be a little bit boring, but it’s important to have some basic background knowledge of the history of the Forex market so that you know a little bit about why it exists and how it got here. So here is the history of the Forex market in a nutshell: In 1876, something called the gold exchange standard was implemented. Basically it said that all paper currency had to be backed by solid gold; the idea here was to stabilize world currencies by pegging them to the price of gold. It was a good idea in theory, but in reality it created boom-bust patterns which ultimately led to the demise of the gold standard. The gold standard was dropped around the beginning of World War 2 as major European countries did not have enough gold to support all the currency they were printing to pay for large military projects. Although the gold standard was ultimately dropped, the precious metal never lost its spot as the ultimate form of monetary value. The world then decided to have fixed exchange rates that resulted in the U.S. dollar being the primary reserve currency and that it would be the only currency backed by gold, this is known as the ‘Bretton Woods System’ and it happened in 1944 (I know you super excited to know that). In 1971 the U.S. declared that it would no longer exchange gold for U.S. dollars that were held in foreign reserves, this marked the end of the Bretton Woods System. It was this break down of the Bretton Woods System that ultimately led to the mostly global acceptance of floating foreign exchange rates in 1976. This was effectively the “birth” of the current foreign currency exchange market, although it did not become widely electronically traded until about the mid 1990s. (OK! Now let’s move on to some more entertaining topics!)… What is Forex Trading? Forex trading as it relates to retail traders (like you and I) is the speculation on the price of one currency against another. For example, if you think the euro is going to rise against the U.S. dollar, you can buy the EURUSD currency pair low and then (hopefully) sell it at a higher price to make a profit. Of course, if you buy the euro against the dollar (EURUSD), and the U.S. dollar strengthens, you will then be in a losing position. So, it’s important to be aware of the risk involved in trading Forex, and not only the reward. • Why is the Forex market so popular? Being a Forex trader offers the most amazing potential lifestyle of any profession in the world. It’s not easy to get there, but if you are determined and disciplined, you can make it happen. Here’s a quick list of skills you will need to reach your goals in the Forex market: Ability – to take a loss without becoming emotional Confidence – to believe in yourself and your trading strategy, and to have no fear Dedication – to becoming the best Forex trader you can be Discipline – to remain calm and unemotional in a realm of constant temptation (the market) Flexibility – to trade changing market conditions successfully Focus – to stay concentrated on your trading plan and to not stray off course Logic – to look at the market from an objective and straight forward perspective Organization – to forge and reinforce positive trading habits Patience – to wait for only the highest-probability trading strategies according to your plan Realism – to not think you are going to get rich quick and understand the reality of the market and trading Savvy – to take advantage of your trading edge when it arises and be aware of what is happening in the market at all times Self-control – to not over-trade and over-leverage your trading account As traders, we can take advantage of the high leverage and volatility of the Forex market by learning and mastering and effective Forex trading strategy, building an effective trading plan around that strategy, and following it with ice-cold discipline. Money management is key here; leverage is a double-edged sword and can make you a lot of money fast or lose you a lot of money fast. The key to money management in Forex trading is to always know the exact dollar amount you have at risk before entering a trade and be TOTALLY OK with losing that amount of money, because any one trade could be a loser. More on money management later in the course. • Who trades Forex and why? Banks – The interbank market allows for both the majority of commercial Forex transactions and large amounts of speculative trading each day. Some large banks will trade billions of dollars, daily. Sometimes this trading is done on behalf of customers, however much is done by proprietary traders who are trading for the bank’s own account. Companies – Companies need to use the foreign exchange market to pay for goods and services from foreign countries and also to sell goods or services in foreign countries. An important part of the daily Forex market activity comes from companies looking to exchange currency in order to transact in other countries. Governments / Central banks – A country’s central bank can play an important role in the foreign exchange markets. They can cause an increase or decrease in the value of their nation’s currency by trying to control money supply, inflation, and (or) interest rates. They can use their substantial foreign exchange reserves to try and stabilize the market. Hedge funds – Somewhere around 70 to 90% of all foreign exchange transactions are speculative in nature. This means, the person or institutions that bought or sold the currency has no plan of actually taking delivery of the currency; instead, the transaction was executed with sole intention of speculating on the price movement of that particular currency. Retail speculators (you and I) are small cheese compared to the big hedge funds that control and speculate with billions of dollars of equity each day in the currency markets. Individuals – If you have ever traveled to a different country and exchanged your money into a different currency at the airport or bank, you have already participated in the foreign currency exchange market. Investors – Investment firms who manage large portfolios for their clients use the Fx market to facilitate transactions in foreign securities. For example, an investment manager controlling an international equity portfolio needs to use the Forex market to purchase and sell several currency pairs in order to pay for foreign securities they want to purchase. Retail Forex traders – Finally, we come to retail Forex traders (you and I). The retail Forex trading industry is growing everyday with the advent of Forex trading platforms and their ease of accessibility on the internet. Retail Forex traders access the market indirectly either through a broker or a bank. There are two main types of retail Forex brokers that provide us with the ability to speculate on the currency market: brokers and dealers. Brokers work as an agent for the trader by trying to find the best price in the market and executing on behalf of the customer. For this, they charge a commission on top of the price obtained in the market. Dealers are also called market makers because they ‘make the market’ for the trader and act as the counter-party to their transactions, they quote a price they are willing to deal at and are compensated through the spread, which is the difference between the buy and sell price (more on this later). Advantages of Trading the Forex Market: • Forex is the largest market in the world, with daily volumes exceeding $3 trillion per day. This means dense liquidity which makes it easy to get in and out of positions. • Trade whenever you want: There is no opening bell in the Forex market. You can enter or exit a trade whenever you want from Sunday around 5pm EST to Friday around 4pm EST. • Ease of access: You can fund your trading account with as little as $250 at many retail brokers and begin trading the same day in some cases. Straight through order execution allows you to trade at the click of a mouse. • Fewer currency pairs to focus on, instead of getting lost trying to analyze thousands of stocks • Freedom to trade anywhere in the world with the only requirements being a laptop and internet connection. • Commission-free trading with many retail market-makers and overall lower transaction costs than stocks and commodities. • Volatility allows traders to profit in any market condition and provides for high-probability weekly trading opportunities. Also, there is no structural market bias like the long bias of the stock market, so traders have equal opportunity to profit in rising or falling markets. While the forex market is clearly a great market to trade, I would note to all beginners that trading carries both the potential for reward and risk. Many people come into the markets thinking only about the reward and ignoring the risks involved, this is the fastest way to lose all of your trading account money. If you want to get started trading the Fx market on the right track, it’s critical that you are aware of and accept the fact that you could lose on any given trade you take. Forex Trading Terminology The Forex market comes with its very own set of terms and jargon. So, before you go any deeper into learning how to trade the Fx market, it’s important you understand some of the basic Forex terminology that you will encounter on your trading journey… • Basic Forex terms: Cross rate – The currency exchange rate between two currencies, both of which are not the official currencies of the country in which the exchange rate quote is given in. This phrase is also sometimes used to refer to currency quotes which do not involve the U.S. dollar, regardless of which country the quote is provided in. For example, if an exchange rate between the British pound and the Japanese yen was quoted in an American newspaper, this would be considered a cross rate in this context, because neither the pound or the yen is the standard currency of the U.S. However, if the exchange rate between the pound and the U.S. dollar were quoted in that same newspaper, it would not be considered a cross rate because the quote involves the U.S. official currency. Exchange Rate – The value of one currency expressed in terms of another. For example, if EUR/USD is 1.3200, 1 Euro is worth US$1.3200. Pip – The smallest increment of price movement a currency can make. Also called point or points. For example, 1 pip for the EUR/USD = 0.0001 and 1 pip for the USD/JPY = 0.01. Leverage – Leverage is the ability to gear your account into a position greater than your total account margin. For instance, if a trader has $1,000 of margin in his account and he opens a $100,000 position, he leverages his account by 100 times, or 100:1. If he opens a $200,000 position with $1,000 of margin in his account, his leverage is 200 times, or 200:1. Increasing your leverage magnifies both gains and losses. To calculate the leverage used, divide the total value of your open positions by the total margin balance in your account. For example, if you have $10,000 of margin in your account and you open one standard lot of USD/JPY (100,000 units of the base currency) for $100,000, your leverage ratio is 10:1 ($100,000 / $10,000). If you open one standard lot of EUR/USD for $150,000 (100,000 x EURUSD 1.5000) your leverage ratio is 15:1 ($150,000 / $10,000). Margin – The deposit required to open or maintain a position. Margin can be either “free” or “used”. Used margin is that amount which is being used to maintain an open position, whereas free margin is the amount available to open new positions. With a $1,000 margin balance in your account and a 1% margin requirement to open a position, you can buy or sell a position worth up to a notional $100,000. This allows a trader to leverage his account by up to 100 times or a leverage ratio of 100:1. If a trader’s account falls below the minimum amount required to maintain an open position, he will receive a “margin call” requiring him to either add more money into his or her account or to close the open position. Most brokers will automatically close a trade when the margin balance falls below the amount required to keep it open. The amount required to maintain an open position is dependent on the broker and could be 50% of the original margin required to open the trade. Spread – The difference between the sell quote and the buy quote or the bid and offer price. For example, if EUR/USD quotes read 1.3200/03, the spread is the difference between 1.3200 and 1.3203, or 3 pips. In order to break even on a trade, a position must move in the direction of the trade by an amount equal to the spread. • The major Forex pairs and their nicknames: • Understanding Forex currency pair quotes: You will need to understand how to properly read a currency pair quote before you start trading them. So, let’s get started with this: The exchange rate of two currencies is quoted in a pair, such as the EURUSD or the USDJPY. The reason for this is because in any foreign exchange transaction you are simultaneously buying one currency and selling another. If you were to buy the EURUSD and the euro strengthened against the dollar, you would then be in a profitable trade. Here’s an example of a Forex quote for the euro vs. the U.S. dollar: The first currency in the pair that is located to the left of the slash mark is called the base currency, and the second currency of the pair that’s located to the right of the slash market is called the counter or quote currency. If you buy the EUR/USD (or any other currency pair), the exchange rate tells you how much you need to pay in terms of the quote currency to buy one unit of the base currency. In other words, in the example above, you have to pay 1.32105 U.S. dollars to buy 1 euro. If you sell the EUR/USD (or any other currency pair), the exchange rate tells you how much of the quote currency you receive for selling one unit of the base currency. In other words, in the example above, you will receive 1.32105 U.S. dollars if you sell 1 euro. An easy way to think about it is like this: the BASE currency is the BASIS for the trade. So, if you buy the EURUSD you are buying euro’s (base currency) and selling dollars (quote currency), if you sell the EURUSD you are selling euro’s (base currency) and buying dollars (quote currency). So, whether you buy or sell a currency pair, it is always based upon the first currency in the pair; the base currency. The basic point of Forex trading is to buy a currency pair if you think its base currency will appreciate (increase in value) relative to the quote currency. If you think the base currency will depreciate (lose value) relative to the quote currency you would sell the pair. • Bid and Ask price Bid Price – The bid is the price at which the market (or your broker) will buy a specific currency pair from you. Thus, at the bid price, a trader can sell the base currency to their broker. Ask Price – The ask price is the price at which the market (or your broker) will sell a specific currency pair to you. Thus, at the ask price you can buy the base currency from your broker. Forex trading is everything.

Natalia Rigol is attempting to figure out if community information can help developing world banks decide who to lend to

Banks in developing countries often won’t lend to the poor, because they have no credit, or they will only lend at prohibitively high rates, making it so that many people can never break out of the cycle of poverty.

Natalia Rigol is a PhD candidate in economics at MIT with an innovative thought. Is it possible, she wonders, to use community information to create an informal credit rating to help banks or microfinance institutions decide who to lend money to? Rigol ran a pilot project asking this question in India this summer, and she is now launching a much larger study of some 1,500 small business owners in poor communities in India.

Tell us a little bit about your background and how you got inspired to become an economist?

I am originally from Cuba, so I lived in Cuba until I was 9 and did the beginning of my schooling there. At the age of 9, I moved to Russia and lived there for two years, and then I was in the Czech Republic for two years. I came to the U.S. when I was 13 and did my middle school to high school in Florida. I went to do my undergrad at Harvard and went for my PhD at MIT where I’ve been for five years. When I was an undergrad, I started working with a mentor—economist Rohini Pande—at Harvard. She’s the one who got me hooked on microfinance and gender issues, which are the things I focus on now.

What’s it like working in India?

The poverty issues in India are extremely striking. India’s a great place [to do research] because it’s a place where a lot of countries are headed. People think of China as being this exemplary country, but India looks a lot more like what poor countries are going to look like soon, in terms of really big income inequality. It’s a place where you can think about poverty issues and really learn.

Tell us about your current project.

One big problem that exists in financing the poor is that, with the poor, you don’t have much information about them. If you think about finance in developed countries, in places like America, you can go to American Express and American Express is going to have reliable information about Natalia Rigol—what her savings look like, what her credit score looks like. A company that’s going to make a loan to Natalia Rigol has a lot of information. But in developing countries there’s nothing like that. In India, they’re only now getting social security numbers for people. A bank doesn’t have much information about poor people. If a bank doesn’t have information about poor people, one way to get a loan is to put up collateral. But of course poor people don’t have that. It’s very difficult for banks to differentiate between Natalia and Emily. We look the same to them. In the end, the bank makes a decision that they’re going to charge a high interest rate, because they’re taking a risk. The question I’m interested in is this: Is there some tool we can develop that can help banks differentiate between Natalia and Emily?

How might that work?

I’ve been thinking about using information that’s available in communities. Especially in a place like India, people live in social networks. It’s not like the U.S. where you live in a house and may not know your neighbors. The project is trying to understand if people have information about one another that a lending institution would find useful in differentiating between Natalia and Emily. I go to a community and ask people to talk to me about Natalia and Emily and tell me different types of information about Natalia and Emily—questions about, for example, work ethic, intelligence, business sense. Who is going to be the most productive? Who is going to grow her business the most? It seems that communities know who’s highly capable.

How does the information-collecting process work?

We first conduct an interview in private for each household in their home. Here we collect a ton of information about a person’s household, business and personal ability. We will use some of this data to validate whether community members know things about one another since it is conducted before anyone knows anything about the fact that they are going to be ranking their peers. We then invite five-member groups [of friends and neighbors] into a hall where they conduct our “ranking game.” Depending on the randomization, they conduct these in the presence of other people or alone,  and they are told if their information will be used to allocate grants or not and whether they receive incentives or not. At the end of this game, we conduct a lottery to select the grant winners. We then conduct follow-up interviews to measure changes in business and household wealth and use this data to validate if community members could predict business growth.

Rigol1.jpg
Community members fill out Rigol’s survey. (Natalia Rigol)
What questions do you ask?

At the first interview, we ask for information on the labor activities of all household members, very detailed information about all household businesses, psychometric questions with business owners, and a lot of questions about wealth, health and general well-being.

How do you make sure people tell you the truth about their friends and neighbors?

If you go to a community and ask questions, and people know that the information is going to be used to allocate relatively large grants, it’s possible they’re going to lie. We have lots of pilot data that suggests that people do, in fact, lie if they have an incentive to lie. I want to know how to get people to tell us the truth.

The most salient way to do this is we give people [financial] incentives for their answers. We offer a higher incentive for telling the truth. We use a peer elicitation payment rule, Bayesian Truth Serum, developed by Drazen Prelec here at MIT. The way the rule works is that we ask people their first order beliefs—to rank people from highest to lowest profits—and their second order beliefs—how many people in the community would say that Emily would be ranked the highest? How many would say she would be ranked the second highest, and so on? We pay people based on their first and second order beliefs. Paying for second order beliefs is easy: we see how many people they guessed would rank Emily number one, and then we see how many people did, in fact, rank Emily number one. Paying for first order beliefs is the hard part. The rule works by paying higher amounts to people who give answers that are “surprisingly common,” meaning that the first order belief is more common in the population than people predicted it would be via second order beliefs. Prelec has proven that this incentive payment rule is truthful—people are better off telling the truth about what they know than lying. There are also some lab experiments with students that confirm the properties of this rule.

How much are the grants? And how can these kinds of grants or microloans help people in an impoverished community?

The grants are $100, which is really a massive amount of money for this population. This is about 30 percent of a business owner’s capital. Other studies find that microentrepreneurs are really productive. You give them $100 and their profits increase by 50 percent two or three years down the line and continue to be higher. In terms of impacts: people’s consumption increases, people’s health improves. With $100, your husband can go and get whatever operation and get back to work, while the absence of that $100 means you’re literally in abject poverty.

What are your plans for the future of this project?

We’re doing a baseline survey, and we’ll be done by December or January. Then we’ll randomly allocate grants to measure whether communities were able to predict outcomes or not. We’ll probably track people for one to two years to see the evolution of their businesses and household incomes, and see how community information predicts that. We are working with a microfinance institution, which is very interested in this project. The next step, if it ends up working, would be to see how they could integrate this into their operations.

The price line includes plenty of peaks and valleys, but the sharpest came last September. The line jerked suddenly upward, plateaued at cocoa’s highest price in several years, and then plummeted to its original level. It left an ascending spike of almost perfect symmetry. That spike was Ebola, converted into cocoa prices. (And the most recent drop resulted from declining demand for chocolate.)


Cocoa makes a long and winding journey from bean to bar. The crop starts in the farms of tropical nations, especially in West Africa, and travels through ports, shipping containers and processing plants. But before they can reach your bag of M&M’s, cocoa beans also travel through an intangible dimension—the financial world of price graphs, futures contracts and commodity ETFs. Ever since the New York Cocoa Exchange was founded in 1925, cocoa has been bought and sold in abstract form.

Before we can peek into the financial world of cocoa, a tour of a typical farm. Cocoa requires tropical climate and shady conditions, which means that cocoa farms don’t look much like wheat fields or orange orchards. Trees are grown under a canopy of taller trees, so many farms look like cultivated rainforest. On average, cocoa farms are small operations, around 4 hectares—the size of just 8 football fields. (The average farm in the US, by contrast, is around 95 hectares.) Though cocoa farms can generate relatively big profits, the long-term survival of some farms in question: Recent climate change predictions have made producers nervous, and the world’s largest chocolate manufacturers are at work breeding heat- and drought-resistant trees.

A worker in Brazil inspects cacao beans. (Jochen Weber)
Farm workers who harvest cocoa are, on average, extremely poor, with some below the World Bank poverty line of $1.25 per day. A few years ago, a German photographer Jochen Weber traveled to a Brazilian cocoa farm to take some pictures. He bought some Nutella—the sweetened, hazelnut chocolate spread—as gifts to the farm workers who showed him around. All of them considered it a great luxury, and some had hardly ever encountered the product before. “You can’t work on a cocoa farm not knowing Nutella!” he remembers thinking. One worker, a woman named Leni, found it so delicious that that very day, she finished the entire container. “She said she couldn’t stand it—it was so good.”

Almost all of the world’s cocoa is grown in developing countries and consumed by industrialized countries. The top four producers—Ivory Coast, Nigeria, Ghana and Indonesia—are all in the bottom half of nations by per-capita GDP. More strikingly, the top ten countries ranked by chocolate consumed are all in the top 15 percent. Nine of those countries are in Europe. (In 2012, the United States was ranked 15th.)

It takes a long and complicated supply chain to manage a product that is consumed thousands of miles from where it’s grown. “I always thought of it as this giant river trickling down to these ports,” says John Helferich, who directed research and development for the U.S. division of Mars, Inc. until 2005. In a country like Ivory Coast, small farmers first sell to middle men, who sort and transport big bags of beans to shipping centers like the port city of Abidjan.

From the port cities, global businesses start to dip their fingers in the cocoa jar. Middle men sell to international trading companies like Cargill and ADM, which ship the beans to port cities like Philadelphia and Rotterdam. The cocoa beans are still many steps away from becoming chocolate, but by this point, they’ve entered the financial world.

Commodities traders can participate in the cocoa market in a few ways, but the most common is with cocoa futures. A futures contract is sort of like a rain check: it allows the purchaser to secure a low price. If that price has increased one year later, the trader has a stash of discounted cocoa to resell for a profit. Unlike with a rain check, however, traders suffer the consequences if prices decline. If you buy 1 ton of cocoa futures and the price drops, you’ll be stuck paying last year’s higher price.

Commodities traders can work for food manufacturers, agricultural trading houses, and investment groups like hedge funds. Jonathan Parkman, who works at a trading house called Marex Spectron in London, says the cocoa world is a triangle of interested parties, all making different bets on the prices of cocoa. “Producers want stable high prices,” he explains. “Chocolate makers want stable low prices. The investor wants a trending market without really minding in which direction.”

In other words, farmers want to sell their crop at a premium, while chocolate companies want to get a good deal on their supply. Commodity traders don’t care which side wins, as long as prices rise or fall. (They can make money from falling prices by short-selling futures contracts.)

As with all commodity trading, traders gain an edge by knowing more about market trends than their competition. “A lot of companies will be pod counting, so they’ll go around trees and actually count the number of cocoa pods,” said Emile Mehmet, who is head of bulk commodities at a London-based research agency called Informa. Decades ago, large chocolate producers like Mars would send representatives on pod counting expeditions, in order to spot oncoming low yields in advance. These days, it’s a common enough tactic that it only provides a slight edge. Other sources of cocoa-related intelligence: El Niño predictions, processing figures from cocoa grinders, and the quarterly earnings from big chocolate makers.

Cocoa prices are relatively volatile compared to commodities like corn or wheat. “A lot of the world’s production is concentrated in a small part of the world,” says Mehmet. This means that local forces can have a global impact on prices. For example, the yearly Harmattan trade winds of West Africa can cause a dusty haze that hangs in the air for days, preventing cocoa pods from developing properly. According to cocoa producers in Ivory Coast, that’s the case this year.

A trader who gets wind of news like that can buy cocoa futures, which will rise in value when smaller yields push up the price. In the past, cocoa prices have risen during fungal and insect disease outbreaks. In the future, cocoa prices could rise if climate change shrinks the area where cocoa can feasibly be grown. (On the other hand, climate change could also expand or simply shift cocoa-growing regions.) It’s an awkward truth of commodities markets—and stock markets, too—that traders can make good money from bad news.

Which brings us back to Ebola. Last September, when the disease was spreading rapidly through Liberia and Sierra Leone, traders were closely following the news. If Ebola had spread to cocoa-producing regions, it might have decimated the labor force and interrupted the supply chain. As the graph of cocoa prices shows, investors—like grocery shoppers before a snowstorm—recognized the risk of Ebola and started buying cocoa. Prices spiked, and traders who were ahead of the game raked in some extra cash. When it became clear that Ebola wouldn’t reach Ivory Coast, however, prices returned to their earlier levels.

So what are commodities markets good for, other than making money? Historically, they were created to allow producers to stabilize their supply. Let’s say I sell milk, but my customers complain that milk prices spike every time a blizzard blows through Wisconsin. Futures help me secure a consistent price and sell a more dependable product. That’s why big chocolate makers hire traders: They don’t want their product’s prices to spike and dive along with the price of cocoa. They are why chocolate bars don’t vary much in price – milk, sugar, and cocoa futures keep them consistent.

Over time, though, commodities have grown increasingly abstract, and speculators outside of the chocolate business have gotten in on the game. Some commodities traders might say this is a good thing, if it helps prices take into account real-world problems like weather and disease. John Helferich disagrees. “Commodity traders can sometimes tug around producers and farmers,” he said. A trader might buy cocoa because it’s a relatively better deal than, say, gold. This would increase cocoa prices, whether or not cocoa crops are looking strong.

What traders, producers, and growers would likely agree on is that these days, very few people have a part in every step from bean to bar. Poor farm workers who harvest pods from cocoa trees may never taste produced chocolate—while investors who trade thousands of tons of cocoa may never see a raw cocoa bean. The gift and the burden of globalization is that while all this happens, consumers still get their chocolate.

sumber:https://www.smithsonianmag.com/innovation/could-this-mit-economist-make-banking-useful-poor-180957143/
https://www.smithsonianmag.com/arts-culture/economics-chocolate-180954224

HALAMAN SELANJUTNYA:

the cheapest car insurance cost of car insurance best car insurance quotes insurance auto insurance quotes car get car insurance quotes online car insurance agent instant car insurance quote car insurance websites direct car insurance insure a car motor car insurance quote cheap car insurance online quotes for car insurance car insurers commercial car insurance motor insurance quote car insurance quotes online get a quote online international health insurance compare car insurance quotes insurance for car compare car insurance car insurance buy life insurance online compare auto insurance international medical insurance general car insurance cheap motor insurance low car insurance car insurance comparison company car insurance budget car insurance private health insurance online quote car insurance cheap motor car insurance car insurance for new drivers cheap car insurance quotes online online car insurance quotes get car insurance quotes car insurance quotes comparison motor car insurance car insurance quotes car insurance cheap comprehensive car insurance best auto insurance short term health insurance motor insurance cheap online car insurance online motor insurance quotes car insurance california buycarinsurance online vehicle insurance free car insurance quotes landlord insurance health insurance for children motorbike insurance monthly car insurance car insurance usa car insurance reviews car insurance renewal quotes vehicle insurance health insurance rates term life insurance quotes vehicle insurance quotes car insurance compare motor vehicle insurance best car insurance motor insurance online quote car insurance online quote life insurance online supplemental health insurance best car insurance rates car insurance discounts motor vehicle insurance quotes auto insurance cheap travel insurance bike insurance travel medical insurance buy car insurance online online motor insurance travel insurance quote get a quote for car insurance health insurance agent car insurance companies cheap car insurance companies travel insurance annual travel insurance commercial vehicle insurance permanent life insurance medical insurance quotes online car insurance cheap car insurance quotes car insurance online quote insurance online level term life insurance health insurance comparison how much is car insurance travel health insurance pet health insurance quotes on cars health ins travel insurance uk quote for car insurance get insurance quote online disability insurance quote temporary health insurance temporary insurance rental car insurance cheap health insurance auto insurance compare third party car insurance buy health insurance auto insurance quotes cheap insurance companies best term life insurance personal health insurance online quote insurance car insurance premium health insurance policies quotes for cars whole life insurance credit insurance cheap van insurance cheap term life insurance cheap motorcycle insurance compare life insurance car insurance cover health insurance motorcycle insurance short term car insurance health insurance coverage insurance qoute cheap life insurance house insurance quote car insurance uk health insurance companies cigna health insurance cheap insurance cheap car insurance uk compare health insurance car insurance for young drivers short term insurance online health insurance caravan insurance life insurance comparison direct insurance health insurance plans motor insurance online car insurance estimator accident insurance home insurance quotes nj car insurance new car insurance private medical insurance home insurance car insurance brokers car insurance rates commercial insurance health insurance quotes motor insurance companies which car insurance car quotes online online auto insurance flood insurance cheap auto insurance quotes car insurance agencies business health insurance term life insurance truck insurance professional indemnity insurance life insurance car insurance policy long term care insurance drive insurance buy insurance car ins motorcycle insurance quote critical illness insurance term insurance student health insurance home insurance comparison insurance rates insurance cover holiday insurance insurance sites online vehicle insurance quotes company website home insurance rates compare insurance buy insurance online affordable medical insurance car insurance coverage product liability insurance home contents insurance buy life insurance renters insurance group health insurance family health insurance motor insurance quote online mortgage insurance best home insurance personal insurance medical insurance property insurance life insurance agent group insurance aetna health insurance cheap medical insurance liability insurance rental insurance life insurance policy group life insurance general liability insurance insurance quotes online all car insurance companies best health insurance insurance plans life insurance for seniors van insurance website quote universal life insurance building insurance co insurance insurance car car insurance prices disability insurance insurance vehicle cheap vehicle insurance senior life insurance medical insurance plans insurance health house insurance life insurance quotes car quotes cheap home insurance business insurance com bank credit card lowest credit card eligibility no fee credit cards best credit card compare how can i apply for credit card business credit cards cheapest credit card company credit card corporate credit card apply for a credit card online 0 apr credit cards how can i get credit card get a credit card open credit card usa credit card instant credit card approval store credit cards credit card shopping airline miles credit card frequent flyer credit cards hotel credit cards best credit card deals compare credit miles credit card credit card consolidation college student credit cards how do i apply for a credit card gold credit card how to open credit card apply for credit card eligibility for credit card credit card verification credit card offers online credit card application form which credit card to apply how can i get a credit card credit card online apply credit cards uk 0 credit cards looking for credit card offers credit card information bank credit card application travel credit cards what is a credit card credit card sign up master credit card cash back cards platinum credit card compare visa cards credit bank credit card no interest credit cards cheap credit cards 0 credit card offers online credit new credit cards application of credit card how to apply for credit card apply card credit online credit card deals premier credit card mastercard credit card how to get credit card apply credit card credit card application credit companies creditcard cash back credit cards airline credit cards cash credit card credit card rates student credit cards apply credit card online how to apply credit card interest free credit card secured credit card best travel credit card capital one credit card online credit card application credit cards with no annual fee new credit card offers apply online credit card credit card apply online best rewards credit card city credit card how to get a credit card credit card counseling rebate credit card mastercard debit card credit card debt best credit cards to apply for best credit cards apply for credit card online credit card apply how to apply for a credit card apply for new credit card credit card rebate best credit card comparison apply for visa card online cim credit card good credit cards credit card cash back best cash back credit cards mastercard credit card application credit card checker credit card mastercard instant credit card card compare credit card rewards programs compare the best credit cards apply visa card cash rebate credit card bankruptcy credit cards card offers instant approval credit cards credit card online application credit cards for students how to sign up for credit card uk credit cards credit card account about credit card visa card apply online credit card compare site secured mastercard visa card application credit card rewards credit rating how can we get credit card visa credit card rewards card online credit card processing capital credit card credit card visa consolidate credit cards credit card processing credit card reviews apply new credit card business credit card application credit cards with cash back credit card reader credit card instant approval online apply credit card bad credit credit cards credit card selection online visa card pay with credit card credit card charges visa or mastercard credit card machine apply a credit card small business credit cards prepaid debit cards visa debit card mbna credit card credit card terminal card credit application credit card generator credit card balance credit card numbers credit card transfer credit card interest rates credit card interest gold card credit card online best rate credit cards credit card low interest visa card online online credit card how to apply a credit card 0 interest credit cards debit card the cheapest car insurance cost of car insurance best car insurance quotes insurance auto insurance quotes car get car insurance quotes online car insurance agent instant car insurance quote car insurance websites direct car insurance insure a car motor car insurance quote cheap car insurance online quotes for car insurance car insurers commercial car insurance motor insurance quote car insurance quotes online get a quote online international health insurance compare car insurance quotes insurance for car compare car insurance car insurance buy life insurance online compare auto insurance international medical insurance general car insurance cheap motor insurance low car insurance car insurance comparison company car insurance budget car insurance private health insurance online quote car insurance cheap motor car insurance car insurance for new drivers cheap car insurance quotes online online car insurance quotes get car insurance quotes car insurance quotes comparison motor car insurance car insurance quotes car insurance cheap comprehensive car insurance best auto insurance short term health insurance motor insurance cheap online car insurance online motor insurance quotes car insurance california buycarinsurance online vehicle insurance free car insurance quotes landlord insurance health insurance for children motorbike insurance monthly car insurance car insurance usa car insurance reviews car insurance renewal quotes vehicle insurance health insurance rates term life insurance quotes vehicle insurance quotes car insurance compare motor vehicle insurance best car insurance motor insurance online quote car insurance online quote life insurance online supplemental health insurance best car insurance rates car insurance discounts motor vehicle insurance quotes auto insurance cheap travel insurance bike insurance travel medical insurance buy car insurance online online motor insurance travel insurance quote get a quote for car insurance health insurance agent car insurance companies cheap car insurance companies travel insurance annual travel insurance commercial vehicle insurance permanent life insurance medical insurance quotes online car insurance cheap car insurance quotes car insurance online quote insurance online level term life insurance health insurance comparison how much is car insurance travel health insurance pet health insurance quotes on cars health ins travel insurance uk quote for car insurance get insurance quote online disability insurance quote temporary health insurance temporary insurance rental car insurance cheap health insurance auto insurance compare third party car insurance buy health insurance auto insurance quotes cheap insurance companies best term life insurance personal health insurance online quote insurance car insurance premium health insurance policies quotes for cars whole life insurance credit insurance cheap van insurance cheap term life insurance cheap motorcycle insurance compare life insurance car insurance cover health insurance motorcycle insurance short term car insurance health insurance coverage insurance qoute cheap life insurance house insurance quote car insurance uk health insurance companies cigna health insurance cheap insurance cheap car insurance uk compare health insurance car insurance for young drivers short term insurance online health insurance caravan insurance life insurance comparison direct insurance health insurance plans motor insurance online car insurance estimator accident insurance home insurance quotes nj car insurance new car insurance private medical insurance home insurance car insurance brokers car insurance rates commercial insurance health insurance quotes motor insurance companies which car insurance car quotes online online auto insurance flood insurance cheap auto insurance quotes car insurance agencies business health insurance term life insurance truck insurance professional indemnity insurance life insurance car insurance policy long term care insurance drive insurance buy insurance car ins motorcycle insurance quote critical illness insurance term insurance student health insurance home insurance comparison insurance rates insurance cover holiday insurance insurance sites online vehicle insurance quotes company website home insurance rates compare insurance buy insurance online affordable medical insurance car insurance coverage product liability insurance home contents insurance buy life insurance renters insurance group health insurance family health insurance motor insurance quote online mortgage insurance best home insurance personal insurance medical insurance property insurance life insurance agent group insurance aetna health insurance cheap medical insurance liability insurance rental insurance life insurance policy group life insurance general liability insurance insurance quotes online all car insurance companies best health insurance insurance plans life insurance for seniors van insurance website quote universal life insurance building insurance co insurance insurance car car insurance prices disability insurance insurance vehicle cheap vehicle insurance senior life insurance medical insurance plans insurance health house insurance life insurance quotes car quotes cheap home insurance business insurance com bank credit card lowest credit card eligibility no fee credit cards best credit card compare how can i apply for credit card business credit cards cheapest credit card company credit card corporate credit card apply for a credit card online 0 apr credit cards how can i get credit card get a credit card open credit card usa credit card instant credit card approval store credit cards credit card shopping airline miles credit card frequent flyer credit cards hotel credit cards best credit card deals compare credit miles credit card credit card consolidation college student credit cards how do i apply for a credit card gold credit card how to open credit card apply for credit card eligibility for credit card credit card verification credit card offers online credit card application form which credit card to apply how can i get a credit card credit card online apply credit cards uk 0 credit cards looking for credit card offers credit card information bank credit card application travel credit cards what is a credit card credit card sign up master credit card cash back cards platinum credit card compare visa cards credit bank credit card no interest credit cards cheap credit cards 0 credit card offers online credit new credit cards application of credit card how to apply for credit card apply card credit online credit card deals premier credit card mastercard credit card how to get credit card apply credit card credit card application credit companies creditcard cash back credit cards airline credit cards cash credit card credit card rates student credit cards apply credit card online how to apply credit card interest free credit card secured credit card best travel credit card capital one credit card online credit card application credit cards with no annual fee new credit card offers apply online credit card credit card apply online best rewards credit card city credit card how to get a credit card credit card counseling rebate credit card mastercard debit card credit card debt best credit cards to apply for best credit cards apply for credit card online credit card apply how to apply for a credit card apply for new credit card credit card rebate best credit card comparison apply for visa card online cim credit card good credit cards credit card cash back best cash back credit cards mastercard credit card application credit card checker credit card mastercard instant credit card card compare credit card rewards programs compare the best credit cards apply visa card cash rebate credit card bankruptcy credit cards card offers instant approval credit cards credit card online application credit cards for students how to sign up for credit card uk credit cards credit card account about credit card visa card apply online credit card compare site secured mastercard visa card application credit card rewards credit rating how can we get credit card visa credit card rewards card online credit card processing capital credit card credit card visa consolidate credit cards credit card processing credit card reviews apply new credit card business credit card application credit cards with cash back credit card reader credit card instant approval online apply credit card bad credit credit cards credit card selection online visa card pay with credit card credit card charges visa or mastercard credit card machine apply a credit card small business credit cards prepaid debit cards visa debit card mbna credit card credit card terminal card credit application credit card generator credit card balance credit card numbers credit card transfer credit card interest rates credit card interest gold card credit card online best rate credit cards credit card low interest visa card online online credit card how to apply a credit card 0 interest credit cards debit card the cheapest car insurance cost of car insurance best car insurance quotes insurance auto insurance quotes car get car insurance quotes online car insurance agent instant car insurance quote car insurance websites direct car insurance insure a car motor car insurance quote cheap car insurance online quotes for car insurance car insurers commercial car insurance motor insurance quote car insurance quotes online get a quote online international health insurance compare car insurance quotes insurance for car compare car insurance car insurance buy life insurance online compare auto insurance international medical insurance general car insurance cheap motor insurance low car insurance car insurance comparison company car insurance budget car insurance private health insurance online quote car insurance cheap motor car insurance car insurance for new drivers cheap car insurance quotes online online car insurance quotes get car insurance quotes car insurance quotes comparison motor car insurance car insurance quotes car insurance cheap comprehensive car insurance best auto insurance short term health insurance motor insurance cheap online car insurance online motor insurance quotes car insurance california buycarinsurance online vehicle insurance free car insurance quotes landlord insurance health insurance for children motorbike insurance monthly car insurance car insurance usa car insurance reviews car insurance renewal quotes vehicle insurance health insurance rates term life insurance quotes vehicle insurance quotes car insurance compare motor vehicle insurance best car insurance motor insurance online quote car insurance online quote life insurance online supplemental health insurance best car insurance rates car insurance discounts motor vehicle insurance quotes auto insurance cheap travel insurance bike insurance travel medical insurance buy car insurance online online motor insurance travel insurance quote get a quote for car insurance health insurance agent car insurance companies cheap car insurance companies travel insurance annual travel insurance commercial vehicle insurance permanent life insurance medical insurance quotes online car insurance cheap car insurance quotes car insurance online quote insurance online level term life insurance health insurance comparison how much is car insurance travel health insurance pet health insurance quotes on cars health ins travel insurance uk quote for car insurance get insurance quote online disability insurance quote temporary health insurance temporary insurance rental car insurance cheap health insurance auto insurance compare third party car insurance buy health insurance auto insurance quotes cheap insurance companies best term life insurance personal health insurance online quote insurance car insurance premium health insurance policies quotes for cars whole life insurance credit insurance cheap van insurance cheap term life insurance cheap motorcycle insurance compare life insurance car insurance cover health insurance motorcycle insurance short term car insurance health insurance coverage insurance qoute cheap life insurance house insurance quote car insurance uk health insurance companies cigna health insurance cheap insurance cheap car insurance uk compare health insurance car insurance for young drivers short term insurance online health insurance caravan insurance life insurance comparison direct insurance health insurance plans motor insurance online car insurance estimator accident insurance home insurance quotes nj car insurance new car insurance private medical insurance home insurance car insurance brokers car insurance rates commercial insurance health insurance quotes motor insurance companies which car insurance car quotes online online auto insurance flood insurance cheap auto insurance quotes car insurance agencies business health insurance term life insurance truck insurance professional indemnity insurance life insurance car insurance policy long term care insurance drive insurance buy insurance car ins motorcycle insurance quote critical illness insurance term insurance student health insurance home insurance comparison insurance rates insurance cover holiday insurance insurance sites online vehicle insurance quotes company website home insurance rates compare insurance buy insurance online affordable medical insurance car insurance coverage product liability insurance home contents insurance buy life insurance renters insurance group health insurance family health insurance motor insurance quote online mortgage insurance best home insurance personal insurance medical insurance property insurance life insurance agent group insurance aetna health insurance cheap medical insurance liability insurance rental insurance life insurance policy group life insurance general liability insurance insurance quotes online all car insurance companies best health insurance insurance plans life insurance for seniors van insurance website quote universal life insurance building insurance co insurance insurance car car insurance prices disability insurance insurance vehicle cheap vehicle insurance senior life insurance medical insurance plans insurance health house insurance life insurance quotes car quotes cheap home insurance business insurance com bank credit card lowest credit card eligibility no fee credit cards best credit card compare how can i apply for credit card business credit cards cheapest credit card company credit card corporate credit card apply for a credit card online 0 apr credit cards how can i get credit card get a credit card open credit card usa credit card instant credit card approval store credit cards credit card shopping airline miles credit card frequent flyer credit cards hotel credit cards best credit card deals compare credit miles credit card credit card consolidation college student credit cards how do i apply for a credit card gold credit card how to open credit card apply for credit card eligibility for credit card credit card verification credit card offers online credit card application form which credit card to apply how can i get a credit card credit card online apply credit cards uk 0 credit cards looking for credit card offers credit card information bank credit card application travel credit cards what is a credit card credit card sign up master credit card cash back cards platinum credit card compare visa cards credit bank credit card no interest credit cards cheap credit cards 0 credit card offers online credit new credit cards application of credit card how to apply for credit card apply card credit online credit card deals premier credit card mastercard credit card how to get credit card apply credit card credit card application credit companies creditcard cash back credit cards airline credit cards cash credit card credit card rates student credit cards apply credit card online how to apply credit card interest free credit card secured credit card best travel credit card capital one credit card online credit card application credit cards with no annual fee new credit card offers apply online credit card credit card apply online best rewards credit card city credit card how to get a credit card credit card counseling rebate credit card mastercard debit card credit card debt best credit cards to apply for best credit cards apply for credit card online credit card apply how to apply for a credit card apply for new credit card credit card rebate best credit card comparison apply for visa card online cim credit card good credit cards credit card cash back best cash back credit cards mastercard credit card application credit card checker credit card mastercard instant credit card card compare credit card rewards programs compare the best credit cards apply visa card cash rebate credit card bankruptcy credit cards card offers instant approval credit cards credit card online application credit cards for students how to sign up for credit card uk credit cards credit card account about credit card visa card apply online credit card compare site secured mastercard visa card application credit card rewards credit rating how can we get credit card visa credit card rewards card online credit card processing capital credit card credit card visa consolidate credit cards credit card processing credit card reviews apply new credit card business credit card application credit cards with cash back credit card reader credit card instant approval online apply credit card bad credit credit cards credit card selection online visa card pay with credit card credit card charges visa or mastercard credit card machine apply a credit card small business credit cards prepaid debit cards visa debit card mbna credit card credit card terminal card credit application credit card generator credit card balance credit card numbers credit card transfer credit card interest rates credit card interest gold card credit card online best rate credit cards credit card low interest visa card online online credit card how to apply a credit card 0 interest credit cards debit card