ABSTRACT
The major role played by developing countries in formulating international commodity agreements is also understandable in view of the importance of such commodities in their export portfolios. What follows, instead, is an appraisal of their strengths and weaknesses in meeting the common objectives set. If some explanation is sought for the failure of the agreements to fulfil their objectives on a consistent basis, the over-ambitious nature of the objectives must be the starting-point for any discussion. In the inter-War period, the aims of and mechanisms employed by cartels closely resembled those of international commodity agreements with the main focus on stabilising rather than on raising prices. It is worth noting also that the definition of 'adequate' levels of support could vary markedly from agreement to agreement, but that, in this context, international commodity agreements, with consumer participation, offered an advantage over cartels.
