THE FRAMEWORKThe problem of primary commodities, as related vvith international trade, vvas, at times, the majör issue vvhich predominated international forea on the so-called "New InternationalEconomic Order" (NIEO) in the second half of the 1970s. Asthe NIEO controversy developed away from a confrontationalroute into a time -consuming bargaining process, certain potentially explosive demands of the Third World on commoditiesreceded into the background, and the vvhole set of problems vvasreduced into the ways and means of securing price stability fora number of commodities, vvith a Common Fund as the institutional framevvork to realise this objeetive.  

The problem of primary commodities, as related vvith international trade, vvas, at times, the majör issue vvhich predominated international forea on the so-called "New International Economic Order" NIEO in the second half of the 1970s. As the NIEO controversy developed away from a confrontational route into a time -consuming bargaining process, certain potentially explosive demands of the Third World on commodities receded into the background, and the vvhole set of problems vvas reduced into the ways and means of securing price stability for a number of commodities, vvith a Common Fund as the institutional framevvork to realise this objeetive.