International Commodity Organizations and Governance of Global Value Chains
International commodity Organizations can play a role in reducing transaction costs between producer and consumer. The current organisations do this partly through statistics and collecting and disseminating market information, undertaking projects and convening meetings. Of a traditional focus on the international part of the trade chain they must extend to the whole chain, until the natural resources on the producer side and treatment of waste on the consumer side. This requires more capacity, stronger mandate and more intensive cooperation for the organisations mutually and with UNCTAD, FAO and the World Bank. The representatives of the governments now play the role of administrators and representatives of the industry. They should be customers, guard the public goods and lend a voice to those not yet represented. Lowering of the operation costs brings advantages for consumer and producer. This last group profits especially if she has few alternatives and this justifies the existence of intergovernmental organisations aimed at crops of the poor.
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- Grossman, Sanford J & Stiglitz, Joseph E, 1980.
"On the Impossibility of Informationally Efficient Markets,"
American Economic Review,
American Economic Association, vol. 70(3), pages 393-408, June.
- Sanford J Grossman & Joseph E Stiglitz, 1997. "On the Impossibility of Informationally Efficient Markets," Levine's Working Paper Archive 1908, David K. Levine.
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