Weighty objections have been raised against stabilization of commodity markets through agreements. The drawbacks of commodity agreements can, however, be largely overcome if the rigid theoretical notion of a price fixed strictly for a long period is abandoned.

UNCTAD's Integrated Programme for Commodities (IPC) would come much closer to being realised, if the industrial and the developing countries could agree on creating the Common Fund. But the Fund remains in dispute. While the LCDs only want to discuss the details of its organisation, the...