Introduction

Since World War II Less Developed Countries (LDCs) have waged an active campaign for the global regulation of trade in primary products through “international commodity agreements.” Such agreements have the primary purpose of regulating prices in international markets. ¹ Heavily dependent upon exports of primary products for foreign exchange earnings, for government revenues, and generally for economic development, the LDCs wish to protect their commodity exports from the frequent ravages of fluctuating or depressed commodity prices. Ideally they hope to regulate the markets for their commodities to achieve higher prices.