Abstract
Jamaica experienced one of the longest uninterrupted periods of negative growth among LDCs in the 1970s. Agricultural exports led this decline with an unusually poor growth performance, exacerbating foreign exchange shortages. Commodity board pricing policies played a strong role in penalizing these exports. Further, board policies appear to be inefficient in either maximizing profits or foreign exchange. Implicit and unstated objectives of board policies are discussed. Supply functions show that farmers do react positively to price changes, contrary to board assumptions. Beneficiaries of this penalizing price policy are identified and an important implication for foreign aid policy is underscored.
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