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International Commodity Agreements

In: The Economics of Relative Prices

Author

Listed:
  • Alfred Maizels

    (University College)

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.

Suggested Citation

  • Alfred Maizels, 1984. "International Commodity Agreements," International Economic Association Series, in: Béla Csikós-Nagy & Douglas Hague & Graham Hall (ed.), The Economics of Relative Prices, chapter 20, pages 491-525, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-06265-2_20
    DOI: 10.1007/978-1-349-06265-2_20
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