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THE United States is engaged in a determined effort to resurrect a world trading system capable of contributing to a high and stable level of real income throughout the world. The productive powers of mankind, it is emphasized, are enormous. Yet to produce ma.ximum benefit, these powers musi be applied fully and economically. The intermittent under-employment of resources characteristic of the business cycle must be prevented as far as possible by co-ordinated policies aiming at high and stable levels of production. Economic resource utilization must be promoted by an intelligent division of labor which encourages production where it is cheapest in terms of economic effort. International trade is the basis upon which international division of labor rests. To be sure, the United States program does not aim at a rgime of free trade and laissez faire. It is realized that the freedom of action of nations is limited "by what exists and by what can be agreed upon." I All countries are determined to maintain or create certain important industries by interference with the free market. It is also realized that, under present conditions, the free play of market forces often produces socially undesirable results. The Bretton Woods Agreement and the United States Proposals for Expansion of World Trade and Employment contain numerous provisions for legitimate intervention in the free market. But within limits of practicability and prudence, it is suggested that the free price mechanism be given full scope to direct the flow of goods, services, and investment capital because this mechanism tends to make for optimum resource allocation and hence for maximum productivity. The United States, therefore, proposes that the nations join in national and international efforts to release world trade from obstructions and excessive restraints. In addition to trade barriers of various kinds imposed by governments and the problem of moderating the fluctuations of the business cycle, the United States Trade Proposals single out two problem areas: (1) restrictions imposed by private business enterprises on the international flow of goods, and (2) the disorder and the fear of disorder in the markets of certain primary com-

The Problem of International Cartels and Intergovernmental Commodity Agreements