GORDON W. SMITH
Commodity price fluctuations and the use of buffer stocks. The effects of market instability. Prebisch and the UNCTAD proposals. OPEC influence, the NIEO, and producers' associations. The economic effects of commodity agreements and compensatory lending. The impasse between industrialized countries and the LDCs.
The United States government is involved to an unprecedented extent in commodity negotiations and in the operation of international commodity agreements (ICAs). The latter have been tried before and were often found wanting, but many observers now argue that things are different, and that there are substantial gains being made from well-run ICAs