An Experiment in Commodity Control-The International Wheat Agreement, 1949-53

THE fifth International Wheat Conference which met in London in March 1947 introduced a new scheme for stabilization of the price of a primary product which involved neither buffer stocks nor output controls. After two frustrated efforts and some alteration, that scheme came to fruition in the shape of the International Wheat Agreement in August 1949, and has since run to completion in July 1953. The overwhelming need for action in this field and the unsatisfactory nature of the remedies which had been adopted in the years between the wars were responsible for the...