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Columbus' discovery of America and Vasco Da Gama's discovery of the route to Asia around the Cape of Good Hope had very little impact on commodity prices, they argue.But there is one important market that Mssrs O'Rourke and Williamson ignore in their analysis: that for silver.
Ospraie Management placed bets on commodity prices, which have recently tumbled.
Well, bankers have a long history of getting fixated on commodity prices.
As a result, weakening growth prospects in these economies are weighing on commodity prices.
A recent report by JPMorgan also argues that soaring production costs are now a heavy influence on commodity prices.
TAKE two neighbouring economies, both heavily dependent on commodity prices to make their trade figures look good.
But China's biggest impact on Canada has been the influence of its headlong economic growth on commodity prices.
Mr Beighton said increasing UK production made sense, given rampant wage inflation in China and pressure on commodity prices.
He also cautioned investors to remember that the impact of the dollar on commodity prices can work both ways.
They can be based on commodity prices or any other type of financial product the investor wants.
Emerging market growth has a long way to go and will put huge pressure on commodity prices".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com