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COMMODITY SUPPLY MANAGEMENT BY PRODUCING COUNTRIESA Case-Study of the Tropical Beverage Crops$
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Alfred Maizels, Robert Bacon, and George Mavrotas

Print publication date: 1997

Print ISBN-13: 9780198233381

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198233381.001.0001

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International Remedial Action

International Remedial Action

Chapter:
(p.43) 3 International Remedial Action
Source:
COMMODITY SUPPLY MANAGEMENT BY PRODUCING COUNTRIES
Author(s):

Alfred Maizels

Robert Bacon

George Mavrotas

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198233381.003.0004

Until the 1970s ended, countries engaged in negotiating agreements with economic provisions. These were intended for providing a framework for negotiated particular price objectives especially for cocoa and coffee. These and other international commodity agreements (ICAs) however lapsed or were deemed non-operative during the 1990s and afterwards. Each ICA had a specific short-term objective, but this caused a technical problem; long-term structural surpluses with large stock overhangs emerged for cocoa and coffee in the 1980s. Also, the developing producing countries and developed consuming countries had different views regarding the function of the price range defended by an ICA. Lastly, the governments of larger consuming countries were no longer inclined to provide support for regulation in the international commodity markets. This chapter illustrates the remedial efforts of the International Cocoa Agreement and the policy changes for coffee.

Keywords:   coffee, cocoa, International Cocoa Agreement, remedial efforts, ICAs, short-term objective, structural surplus, stock overhang, price range, regulation

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