International Commodity Agreements

Alfred Maizels
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Alfred Maizels: University College

Chapter 20 in The Economics of Relative Prices, 1984, pp 491-525 from Palgrave Macmillan

Abstract: Abstract Changes in relative prices perform a dual function. First, they reflect changes in relative scarcities, and provide incentives for changes in relative outputs; second, they influence the division of benefit between buyers and sellers in any given market. International Commodity Agreements (ICAs), by intervening in the Tree play of market forces’, can materially alter incentives for resource allocation, as well as the division of benefit. For this reason, a voluminous literature has grown up, particularly since the inauguration of the UNCTAD Integrated Programme for Commodities in 1976, on the merits and demerits of ICAs.

Keywords: Natural Rubber; Commodity Market; Price Fluctuation; Price Range; Buffer Stock (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-06265-2_20

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DOI: 10.1007/978-1-349-06265-2_20

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