The collapse in commodity prices over the past decade has been a major cause of the Third World's economic crisis. This book relates the main theoretical and empirical issues involved to perceived conflicts of interest between developed and developing countries. Short-term issues covered include the impact of the price decline on Third World economies, the global implications of commodity instability, and the arguments for raising commodity prices and export earnings from current depressed levels. Longer-term issues include market structure, technological change, protectionism, South-South and East-South trade, and diversification. Policy conflicts are discussed in a political economy framework, particularly in relation to the struggle for the Common Fund. The urgent need for a new and effective international commodity strategy is stressed, with strong emphasis on closer South-South co-operation.