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November 1995 Support for international commodity agreements is waning, but the commodity problem remains. And producer cartels are the main alternative. International commodity agreements (ICAs) fit uneasily in a world in which markets are becoming globalized and increasingly competitive. Development policy -- both as preached by international agencies and as practiced by typically democratically elected and nonsocialist governments in the major producing countries -- emphasizes productive efficiency, product quality, and effective marketing. This is a long way from the ideology that gave central place to supply restrictions operating through central marketing boards and quota allocations. In today's less centralized, more competitive world, the winners and losers from commodity stabilization are more evenly distributed across producing and consuming countries. Commodity policy is no longer a matter of redistribution from consumers to producers. This institutional change has been reinforced by the widespread belief -- evidenced, for example, by the collapse of the international tin and coffee agreements -- that commodity market stabilization through international agreements cannot succeed. In earlier decades, the belief that stabilization could and would improve the position of commodity producers provided the impetus for resolving some of the problems that intervention threw up. Since the collapse of the tin market in 1985, the belief that commodity market stabilization cannot work has undermined producers' willingness to try to resolve difficulties within existing ICAs and has reinforced the suspicion of consumer governments that these agreements were in no one's interests. In the current climate, encouraging competitive markets, state interventions are seen as requiring clear justification in terms of market failure. The existence of active futures markets in all of the industries that have commodity agreements makes justification along these lines problematic. But the commodity problem has not disappeared, and producers may look for other mechanisms to raise prices from often very low levels in industries experiencing excess capacity. Developed country governments may be forced to decide whether they prefer to see markets controlled by producer cartels (where they will lack representation) or under the auspices of international commodity agreements. An earlier version of this paper -- a product of the Commodity Policy and Analysis Unit, International Economics Department -- was prepared as a background working paper for Global Economic Prospects 1994.
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This book contains a collection of studies on the interactions between businesses in Africa and Global Value Chains (GVCs) in terms of social, environmental and economic sustainability. This is particularly pertinent given the asymmetrical power distribution between the global buyer and the African supplier, their governance relationships and the ongoing competitive pressures to reduce costs and increase flexibility to meet GVC demands. Rather than focusing on the sustainability of a single organization, GVCs address the sustainability of inter-firm value chains and global industries as a whole. With little differentiation between value chain creation and social / environmental degradation extending to people and raw material extraction (upstream) and disposal or recycling (downstream), sustainability issues need to be at the forefront of African business research interests. Nowadays, sustainability is considered a competitive advantage for a firm looking to join a GVC. Whether sustainability is approached from the viewpoint of an exporting firm motivated to join a GVC in its respective industry or whether a firm’s continuing contractual or collaborative relationship with a buyer depends on its compliance with sustainability standards, both approaches focus on the ability of firms in Africa to benefit from joining sustainable GVCs.
This paper concerns an NGO intervention in agricultural commodity markets known as Fairtrade. Fairtrade pays producers a minimum unit price and provides capacity building support to member cooperative organizations. Fairtrade's organizational capacity support targets those factors believed to reduce the commodity producer's share of returns. Specifically, Fairtrade justifies its intervention in markets like coffee by claiming that market power and a lack of capacity in producer organizations 'marks down' the prices producers receive. As the market share of Fairtrade coffee grows in importance, its intervention in commodity markets is of increasing interest. Using an original data set collected from fieldwork in Costa Rica, this paper assesses the role of Fairtrade in overcoming the market factors it claims limits producer returns. Features of the Costa Rican input market for coffee permit a generalization of the results. The empirical results find that market power is a limiting factor in the Costa Rican market and that Fairtrade does improve the efficiency of cooperatives, thereby increasing the returns to producers. These results do not depend on the minimum price policy of Fairtrade and therefore can inform on its organizational support activities. Finally, the results also suggest that producers selling to vertically integrated, multinational coffee mills face lower producer price 'mark-downs' compared with domestically owned non-cooperative mills. This result contradicts the popular view that the increasing concentration of vertically integrated multinational firms accounts for a decline in producers' share of coffee returns.
A critical and detailed analysis of inequalities of world trade systems.
Trade liberalization, as promoted by the World Trade Organization (WTO), has become one of the dominant drivers and most controversial aspects of globalization. Trade sustainability impact assessments (SIAs) were introduced as a means of generating better understanding especially of the social and environmental impacts of trade liberalisation, and of making those impacts more consistent with sustainable development. This book takes a hard look at the experience of Trade SIAs to date, and the extent to which they have achieved their objectives and improved the outcomes of trade negotiations. It proposes several ways in which Trade SIAs could be made more effective, and illustrates these in respect of controversial sectors in which trade liberalisation has been implemented or proposed, including commodities, services and investment. Finally the book makes proposals beyond SIA through which some of the conflicts between trade liberalization and sustainable development could be more effectively addressed. Written by top researchers and experts on trade SIAs, this book is vital for researchers, academics, post-graduate students and policy makers working on any aspect of impact assessment, international trade or globalisation more generally. In addition, the book will provide a particularly useful background for those considering how the environment and trade interrelate at both global and regional levels, with some particular insights on climate change and trade policies.
Resource security is a new battleground in the international politics of the Asia-Pacific. With demand for minerals and energy surging, disputes are emerging over access and control of scarce natural resource endowments. Drawing on critical insights from political economy, this book explains why resources have emerged as a source of inter-state conflict in the region.