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...

This article utilizes a new concept of supply and demand for raw materials. It emphasizes the need for the use of long run economics rather than short run analysis in the determination of a fair price for raw commodities.