Commodity price stabilization: Its effects on procedures and consumers

While much has been written about instability in commodity markets, relatively little discussion has taken place on the effects of removing or reducing this instability. This paper discusses the theoretical arguments which have been made in the past and makes some more heuristic points as a basis for further research. Further analysis must consider the implications of interdependence and the feedback effects of the global nature of the commodity economy.     

The case for an integrated programme for commodities

This article argues that much of the economic criticism of the Integrated Programme for Commodities has been based on outdated and simplistic models and that fears of ‘dirigisme’ and price raising derive from a misunderstanding of the fundamental focus of the IPC on price stabilization. Moreover, the proposed IPC would, it is argued, generate benefits significantly in exces of its costs, which themselves have often been exaggerated. The article concludes by arguing that compensatory finance should be viewed as complementary to, not competitive with, the IPC.     

International commodity policy: The integrated programme for commodities and the common fund

The author reviews the issues and problems which have arisen since May 1976, following the fourth meeting of the United Nations Conference on Trade and Development (UNCTAD). He concludes that prospects for agreement between the developing countries in the Group of 77 and the industrialized West are slight unless there is substantial modification of position by either side.