Large fluctuations in the price of primary-in particular agricultural-commodities began to receive the attention of economists and public affairs leaders at the beginning of the twentieth century. The world economic depression of the 1930s gave a new impetus to the concerns and to proposals for countering what became known as the problem of excessive price fluctuations, especially of commodities in international trade. Several options were investigated, including: extended agreements for the purchase and sale of commodities; buffer stock; preferably internationally managed export quotas; or...