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.

The following article pinpoints the elements of a possible new order for the commodity markets against the background of the existing market order for raw materials and proposals for its reform which have been made public. The existing order is briefly reviewed in the first part of the article...