A long period of international discussion and negotiation about new global trading arrangements ended in 1979. Despite changed economic and institutional circumstances, and growing deficiencies in the. existing arrangements for agricultural trade, these negotiations have done little to improve...

This paper looks at the recent boom in agricultural commodity prices to see to what extent the changes these prices reflect are of a structural rather than short term nature. It concludes that they are essentially short term: a lagged supply response to the agricultural depression of 1970 and 1971;...