1 PACIFIC ISLANDS POLICY 7 Pacific Island Nations How Viable Are Their Economies? FRANCIS X. HEZEL, SJ
2 THE EAST-WEST CENTER is an education and research organization established by the US Congress in 1960 to strengthen relations and understanding among the peoples and nations of Asia, the Pacific, and the United States. The Center contributes to a peaceful, prosperous, and just Asia Pacific community by serving as a vigorous hub for cooperative research, education, and dialogue on critical issues of common concern to the Asia Pacific region and the United States. Funding for the Center comes from the US government, with additional support provided by private agencies, individuals, foundations, corporations, and the governments of the region. THE PACIFIC ISLANDS DEVELOPMENT PROGRAM (PIDP) was established in 1980 as the research and training arm for the Pacific Islands Conference of Leaders a forum through which heads of government discuss critical policy issues with a wide range of interested countries, donors, nongovernmental organizations, and private sector representatives. PIDP activities are designed to assist Pacific Island leaders in advancing their collective efforts to achieve and sustain equitable social and economic development. As a regional organization working across the Pacific, the PIDP supports five major activity areas: (1) Secretariat of the Pacific Islands Conference of Leaders, (2) Policy Research, (3) Education and Training, (4) Secretariat of the United States/Pacific Island Nations Joint Commercial Commission, and (5) Pacific Islands Report (pireport.org). In support of the East-West Center s mission to help build a peaceful and prosperous Asia Pacific community, the PIDP serves as a catalyst for development and a link between the Pacific, the United States, and other countries.
3 Pacific Island Nations How Viable Are Their Economies?
4 ABOUT THE SERIES Pacific Islands Policy examines critical issues, problems, and opportunities that are relevant to the Pacific Islands region. The series is intended to influence the policy process, affect how people understand a range of contemporary Pacific issues, and help fashion solutions. A central aim of the series is to encourage scholarly analysis of economic, political, social, and cultural issues in a manner that will advance common understanding of current challenges and policy responses. Pacific Islands Policy co-editors and editorial-board members are all affiliated with or on the staff of the Pacific Islands Development Program (PIDP) at the East-West Center. Series Co-Editors Robert C. Kiste Adjunct Senior Fellow, PIDP Professor Emeritus, University of Hawai i Gerard A. Finin Resident Co-Director, PIDP Series Copy Editor Susan E. Arritt Editorial Board Sitiveni Halapua Nonresident Co-Director, PIDP Tarcisius Kabutaulaka Adjunct Fellow, PIDP Associate Professor of Pacific Islands Studies, University of Hawai i Geoffrey M. White Adjunct Senior Fellow, PIDP Professor of Anthropology, University of Hawai i
5 PACIFIC ISLANDS POLICY 7 Pacific Island Nations How Viable Are Their Economies? FRANCIS X. HEZEL, SJ
6 Published by the East-West Center A PDF file and information about this publication can be found on the East-West Center website. To obtain print copies, please contact Publication Sales Office East-West Center 1601 East-West Road Honolulu, Hawai i USA Tel: Fax: EastWestCenter.org/pacificislandspolicy ISSN (print) and X (electronic) ISBN (print) and (electronic) East-West Center 2012
7 Table of Contents Preface 1 The Central Question 3 Island Population 4 The Wealth of the Nations 6 The Conventional Economy: Exports and Trade 10 Alternate Pathways to Development 14» Selling Services 15» Tourism 16» Labor Exports: Migration and Remittances 17 Filling the Gaps 20» Cumulative Strength of the Economies 20» Foreign Grants 21 Prospects for Self-Reliance 23 Future Options 25 Notes 29 References 31 The Author 33
9 Pacific Island Nations: How Viable Are Their Economies? 1 Preface As a person who has spent nearly his entire adult life in Micronesia, I am driven to deal with those problems that especially affect the islands of Micronesia. One of those problem areas is surely economic development. In a previous issue of Pacific Islands Policy, I asked myself and my readers why we have been disappointed in the development expectations we held for the islands (Hezel 2006). Perhaps our hopes were too high, I wondered at the end. But then again, if other Pacific Island nations had succeeded where the northern Pacific nations failed, we could possibly chalk up the failure to build strong economies to the disincentives of excessive aid under the Compact of Free Association. This led me to wonder just how the other nations in the Pacific were doing in building their economies. Were they able to generate the economic growth needed to provide the basis of self-support despite all the disadvantages under which they labored? In the course of my work, I had access to monographs and economic studies authored by financial institutions, notably the Asian Development Bank. These resources gave a sophisticated profile of one nation or another, but the type of comparative figures I sought were generally not available. Comparisons may be as odious for Pacific economists as they are for other specialists, but I was hoping to find an overview of the independent island nations and a crude sketch of their economies even at the sacrifice of the finer points that economists, like academics in other fields, hold dear. In the absence of a single work laying out the economies of the Pacific in nontechnical terms, I tried to collect the data needed to construct one. In other words I rashly attempted to do what anyone competent in the field probably would have avoided, no doubt for quite sound reasons. But I ve made a life s career of ignoring the dictum fools rush in where angels fear to tread, so why not do it one more time? Fortunately, I was assisted by two capable graduate students of Fordham University s International Political Economy and Development Program, Eileen Eley and Donna Mae Odra, who saved me from the worst of the follies I might have stumbled into, even as they ably gathered
10 and analyzed data for inclusion in this monograph. Chris Lightfoot, an old friend who is far more knowledgeable than I in the matter of island economies, generously shared his expertise with me as he has so many times in the past. Let me issue a word of warning on the data used in this monograph. For the most part, the data are taken from the websites of international financial institutions, especially the World Bank and Asian Development Bank. As small as the Pacific Island nations are, reliable figures are surprisingly hard to come by nearly impossible for a few of them. Nauru and Tuvalu especially come to mind. My colleagues and I worked with what we could locate for the 13 nations that are represented here. (Niue As small as the Pacific Island nations and Timor-Leste posed too much of a are, reliable figures are surprisingly challenge to be included.) We had to be hard to come by nearly impossible satisfied with approximations at times, and we dealt with the inconsistencies that for a few of them. different data sets entailed. But, bear in mind that in this report I do not present a detailed look at the economy of any one nation; instead, I attempt a broad comparison of the economies of many nations. Hence, precision has been sacrificed for comprehensiveness. Statistics have been assembled with an eye to an overview rather than detailed information on each country today. This report is an expansion of a presentation given in May 2011 at Georgetown University s Center for Australian and New Zealand Studies, in Washington, DC. I owe a debt of gratitude to Alan Tidwell, director of the center, for his encouragement and support of that presentation. The good discussion by participants following the presentation offered some helpful corrections even as it convinced me that an expansion of the presentation into print version could stimulate further discussion of the future of Pacific Island economies.
11 Pacific Island Nations: How Viable Are Their Economies? 3 Pacific Island Nations How Viable Are Their Economies? The Central Question The Pacific is receiving a fair share of attention today from many quarters. Even as the parade of economic consultants continues, others are coming to explore concerns that have more recently claimed the attention of western nations. These concerns cover a broad range, including food security, global warming, How will the country grow its elimination of illegal drug traffic in the economy to ensure its survival region, prevention of AIDS or even drugresistant tuberculosis, protection from in the future? spouse abuse, and public-school improvement. These are legitimate interests, but none of them addresses the central concern that vexes each of the island nations of Micronesia, and perhaps the islands elsewhere in the Pacific: How will the country grow its economy to ensure its survival in the future? Pacific Island nations have received repeated warnings of the risks they run by not implementing the measures needed to grow their economies. These nations, to be sure, face serious limitations due to their size and location, as development economists acknowledge. Their small and often scattered populations, relative lack of natural resources, distance from major markets, and vulnerability to typhoons and other natural disasters all constitute drawbacks for Pacific nations. To this list I would add one important cultural factor: the subsistence affluence that the tropical Pacific offers those wishing to live off the land, thereby inhibiting motivation to develop at any cost. 1 The island economy provides a comfortable fallback for Islanders much more so than most Asian people enjoy and so the rewards for risking land or engaging in fulltime labor must be correspondingly greater. Yet, development economists warn against the danger of exaggerating the importance of these limitations. These factors are simply the pot in which alterable ingredients of growth are mixed, an Asian Development Bank (ADB)
12 4 Francis X. Hezel, SJ publication asserts (Duncan et al. 1999, 16). These limitations can be overcome, it is argued, as they have been in the case of Singapore and Switzerland and even tiny Norfolk Island. 2 The premise of development economists and the financial institutions for which they work is this: with the right policies in place and necessary reforms implemented, The premise of development Pacific Island nations can develop successful economies. Generally, that is economists and the financial institutions for which they work understood to mean liberalization of trade and investment, secure property is this: with the right policies in rights, enforceable contracts, good governance, and decent infrastructure. If place and necessary reforms implemented, Pacific Island nations Pacific Island nations emulate what developed countries in the West (and can develop successful economies. East) have done and what other rapidly developing nations are in the course of doing, they, too, can prosper. Presumably, the climate will attract foreign investors and stimulate the entrepreneurial juices of local people. Will this formula work in the Pacific? The final judgment has yet to be made, but we can at least survey the region to find out how the island nations are doing at present in the growth of their economies. On the basis of this, we will go on to weigh their economic prospects for the future. Finally, we will briefly consider what implications these forecasts have for the policy decisions of the major Pacific Rim countries especially Australia, New Zealand, Japan, and the United States. Island Population If any generalization can be made of the Pacific Island nations, it is that their populations tend to be small and scattered. In every case except Nauru and Niue, the population is distributed over a If any generalization can be number of islands, and into widely dispersed villages on all but the smallest made of the Pacific Island nations, it is that their populations tend islands. Five of the nations (Nauru, Tuvalu, Palau, the Cook Islands, and the to be small and scattered. Marshall Islands) have a population of less than 60,000. Seven more have a population size from 100,000 to 900,000. Papua New Guinea, the largest by far of the Pacific nations, boasts a population of nearly 7 million three times the combined population of the rest of the Pacific nations.
13 Pacific Island Nations: How Viable Are Their Economies? 5 Table 1. Population and Population Growth of Pacific Island Nations Country Population (2009) Annualized Population Growth Cook Islands 22, Fiji 849, Kiribati 98, Marshall Islands 54, Micronesia (FSM) 102,600 (0.4) 0.3 Palau 20, Papua New Guinea 6,732, Samoa 178, Solomon Islands 523, Tonga 104, Tuvalu 9, Vanuatu 234, Nauru 9,800 (0.2) 0.4 Niue 1,400 n/a n/a Sources: World Bank database; Cook Islands data from Statistics Office (www.stats.gov.ck); FSM data from 2010 census; Tuvalu and Nauru data from ADB (2010); Vanuatu data based on 2009 census; Niue data from The World Factbook (CIA 2011). Note: Parentheses indicate negative growth. The data in Table 1 on population growth during the last 10 years and 20 years speak loudly about the difference between Melanesia and the rest of the Pacific. Only the Solomon Islands, Papua New Guinea, and Vanuatu show a Melanesia is hampered by a rapidly population increase greater than 2 percent annually. (Although the Cook growing population because it lacks Islands growth figure for the last 10 the emigration possibilities that years is listed at 2.3 percent, this figure nearly all other Pacific nations have. is questionable in view of other information, including the much lower figure, 0.9 percent, for growth over the 20- year period.) Melanesia is hampered by a rapidly growing population not because its natural birth rate is any higher, but because it lacks the emigration possibilities that nearly all other Pacific nations have. By way of contrast, all the nations of Polynesia and Micronesia (except for Kiribati) register population growth of less than 1 percent yearly.
14 6 Francis X. Hezel, SJ Clearly these countries have places abroad, notably New Zealand and the United States, to which the unemployed population is permitted to move to find jobs and reside. Table 1 highlights the difference between the fastgrowing nations and those whose populations are fairly stable. The latter group benefits in more ways than one. Not only does emigration opportunity take the pressure off nations to expand services for a rapidly growing population, but it also extends the nation beyond the borders of the island state and offers assistance through remittances to those who remain at home in the islands. The Wealth of the Nations Gross domestic product (GDP) refers to the market value of all goods and services produced within a country. It is often considered a measure of the strength of a country s economy. It includes salaries of all sorts, goods that are traded for money, and even the ramen sold at the village mom-and-pop store. Table 2. GDP and Per Capita GDP Country 2009 GDP in Current US$ (millions) 2009 Per Capita GDP in Current US$ Cook Islands ,300 Fiji 2, ,300 Kiribati ,300 Marshall Islands ,500 Micronesia (FSM) ,500 Palau ,100 Papua New Guinea 7, ,200 Samoa ,800 Solomon Islands ,300 Tonga ,000 Tuvalu ,700 Vanuatu ,800 Nauru ,400 Sources: World Bank database; Cook Islands, Tuvalu, and Nauru data from ADB (2010).
15 Pacific Island Nations: How Viable Are Their Economies? 7 It also includes the value of food that people themselves grow and eat as well as the value of the houses they build of island materials. Per capita GDP, which represents the total GDP divided by the size of the population, is a more telling figure with respect to relative wealth and living standards, but it is not necessarily indicative of the progress toward selfsupport of the economy. High per capita GDP does not always signal that a nation is on the verge of economic self-reliance, as we will see. As shown in Table 2 and Figure 1, the difference in per capita GDP among Pacific Island nations is pronounced. The Cook Islands and Palau have by far the highest per capita GDP in the region. Both countries have small High per capita GDP does not populations (around 20,000), are largely always signal that a nation is on urbanized, and have a high rate of the verge of economic self-reliance. employment due to healthy tourist industries and relatively large government staffs. Under such conditions, small means wealthy for a Pacific Island country. At the bottom of the list are two of the largest nations, Papua New Guinea and the Solomon Islands, with per capita GDP figures of slightly over $1,000. They are nations with high-value exports, but large village populations relatively unaffected by the cash economy. Kiribati, with a per capita GDP of $1,300, is only slightly higher. Earnings there are limited, and much of the population is distributed through the outlying atolls of the country. Figure 1. Per Capita GDP (2009) US$ 10,000 8,000 6,000 4,000 2,000 0 Cook Islands Fiji Kiribati Marshall Islands Micronesia (FSM) Nauru Palau Papua New Guinea Samoa Solomon Islands Tonga Tuvalu Vanuatu Sources: World Bank database; Cook Islands, Tuvalu, and Nauru data from ADB (2010).
16 8 Francis X. Hezel, SJ The rest of the Pacific Island nations, with per capita GDP figures ranging from $2,400 to $3,300, fall in the great mid-range, which cloaks the significant differences in the strength of their economies. What we have seen thus far are snapshots of the island nations economies, but development suggests the importance of a time dimension in the effort to boost GDP. Figures 2a, 2b, and 2c show the variability of GDP during the 20-year period from 1990 to The greatest fluctuation is seen in Papua New Guinea and the Development suggests the Solomon Islands, where GDP dropped importance of a time dimension sharply during the mid- and late-1990s. in the effort to boost GDP in Papua New Guinea witnessed a fearful drop from $17 billion to $4 billion the island nations. GDP between 1994 and 2002, while the Solomon Islands experienced almost as sharp a decline, from $1.3 billion to $500 million during roughly the same period. In the case of Papua New Guinea, part of the drop-off in exports could be attributed to the civil war that broke out in Bougainville and interrupted mining activities there. The two countries, both large exporters of natural resources, were jolted by the plummet of GDP to just one-fourth or one-third of what it had been a few years earlier. Both are object lessons in the shocks to island economies that can result from falling market prices due to worldwide economic downturns, not to mention the perils of resource depletion. Nauru, whose data are not shown on these graphs, offers the most striking example of an economy that quickly reversed direction when its phosphate, which for years had provided lucrative export earnings, was exhausted. The country went from riches to rags over the same 20-year time period ( ), as it suffered through an annual 9.6 percent decline in GDP during these years (ADB 2009, 4). On the other hand, Vanuatu nearly doubled its inflation-adjusted GDP in the same 20-year period, while Samoa and Kiribati also showed significant increases from 2002 to the present. The growth in Vanuatu and Samoa could be due to a spike in tourism in both places. The increase in resource-poor Kiribati after 2003 can be explained by the resumption of phosphate mining on Banaba Island in an effort to exploit the last remaining reserves there. The other Pacific Island nations have held steady or shown modest growth, as as Figures 2a, 2b, and 2c indicate. The lessons to be learned here are twofold: there is a path of growth for at least some of the Pacific Island nations, with Vanuatu as the prime example, but island economies are especially vulnerable to economic shocks because of their size and location at the periphery of the modern world. The danger is
17 Pacific Island Nations: How Viable Are Their Economies? 9 Figure 2a. GDP Trend ( ) in Papua New Guinea and Fiji 18,000 16,000 14, US$ (millions) 12,000 10,000 8,000 6, US$ (millions) 4,000 2,000 1,400 1,200 1, Papua New Guinea Fiji Figure 2b. GDP Trend ( ) in Solomon Islands, Vanuatu, Samoa, and Tonga 2009 US$ (millions) Solomon Islands Vanuatu Samoa Tonga Figure 2c. GDP Trend ( ) in FSM, Marshall Islands, Palau, and Kiribati Source for Figures 2a, 2b, and 2c: World Bank database FSM Palau Marshall Islands Kiribati
18 10 Francis X. Hezel, SJ compounded because of the relatively few products and limited quantities of those products that these nations can offer their trade partners. Everyone is vulnerable in today s global economy, but small is especially vulnerable. The Conventional Economy: Exports and Trade The conventional pathway to development seems to depend on the export of goods and services that a nation can sell abroad, thus acquiring the foreign exchange that enables it to pay for what it imports. (Let it be noted that the value of imports everywhere in the Pacific is considerable these days.) Just as nineteenth-century traders from the United States or Britain would ship cargoes of furs to China in exchange for luxury items such as tea, silk, and porcelain, A country s exports have always been considered a major part of nations continue to sell abroad what they the formula for development. can manufacture or mine. Exports have long been considered the key element in a country s international exchange system, an element that determines whether the country shows profit or loss in its economic dealings with other nations. Profits from exports, in turn, are woven into a local system of trade that provides a tax base to support the government. Hence, a country s exports manufactured goods even more than natural resources have always been considered a major part of the formula for development and a measure of national prosperity. Exports can be measured against the size of the GDP, using the latter as a yardstick. This does not imply that the entire value of exports is registered in the local economy, however. The market value of the gold or copper that a foreign mining company extracts from a Pacific nation may be tallied as an export item, but only a fraction of this figure may The real economic benefits to impact the island nation. The payment to the island nation might represent government and landowners for mining no more than a fraction of the rights, the percentage of the mineral profits allocated to the country, wages paid to listed value of the export. local laborers, and purchases from island businesses by those involved with the mining venture these are better indicators of how much of the total export value of the mineral resources is making its way into the local economy. Much the same is true of fishing vessels licensed by an island nation. Although the market value of their total catch is registered as an export item, the real economic benefits to the island nation might represent no more than a fraction of the listed value of the export.
19 Pacific Island Nations: How Viable Are Their Economies? 11 Figure 3. Exports as Percentage of GDP (2006) Papua New Guinea Fiji Solomon Islands Vanuatu Samoa Tonga Palau Marshall Islands Kiribati Micronesia (FSM) Cook Islands Export Goods Sources: World Bank database; Cook Islands, Kiribati, FSM, and Marshall Islands data from ADB (2010). There are three Pacific Island nations that are major exporters of goods: Papua New Guinea, Fiji, and the Solomon Islands. As Figure 3 shows, exports in Papua New Guinea amount to 80 percent of its GDP, while in Fiji and the Solomons, exports measure about one-third of the GDP. All three are Melanesian countries, benefitting from a larger land mass and a liberal supply of natural resources. The next largest exporter in the region is Vanuatu, also a Melanesian nation, with exports measuring 20 percent of its GDP. Papua New Guinea, the most populous country in the region by far, is also the most generously endowed with mineral resources. Gold, copper, phosphorus, and natural gas are among its major exports, as is timber; together these resources represent about 80 percent of the country s total exports. Papua New Guinea s exports, in turn, measured just under 80 percent of the national GDP (ADB 2010, data sheet on Papua New Guinea). These export totals, as we have seen, can be deceptive inasmuch as a relatively small share of the commercial value of these exports makes its way into the local economy. The mining, drilling, and logging provide some jobs for local people, but their main impact seems to be in the revenue that the government makes from the sale of these resources. Revenues from mining and natural gas comprised about 36 percent of all government income in To its credit, Papua New Guinea is now intent on putting money earned from natural gas exports into a special fund that can be tapped in the future.
20 12 Francis X. Hezel, SJ The Solomon Islands, which registers exports as 33 percent of its total GDP, depends heavily on its logging industry (ADB 2010, fact sheet on Solomon Islands). Timber alone brings in about two-thirds of the nation s export earnings, with agricultural produce and fish providing most of the remainder. Overexploitation of lumber has already resulted in a decline of exports in the past few years, ADB reports (Ibid). As income from this source falls off, the Solomon Islands has taken up the cultivation of the oil palm (Elaeis guineensis) in an attempt to find a substitute for its unsustainable lumber industry. Fiji, with exports totaling 36 percent of its total GDP, is the wealthiest of the three exporting nations in terms of per capita GDP, and it has the most diversified economy. At one time Fiji s economy was founded on the export of sugar, just as Hawai i s once was. But, with the decline in the export value of sugar due to new trade agreements that deny Fiji the preferential treatment it was once accorded other means of earning foreign exchange have emerged. Exports now include gold, fish and marine products, manufactured apparel, powdered kava, and even bottled water (UN Comtrade 2010). Twenty-five years ago, Nauru could have been added to the list of major exporters in the Pacific. Today, however, its phosphate supply has been mined, the trust fund established from the proceeds of its exports is diminished because of shocks to the stock market and poor financial management, and the country is impoverished. This is not to suggest that the same need happen to those Melanesian nations still producing Fiji seems to be the only goods for exports, although the supplies Pacific nation to have prospered of some of these the timber from Papua because of its exports. New Guinea and the Solomon Islands, as well as gold and other minerals in Papua New Guinea and Fiji will undoubtedly be exhausted in time. What is clear, however, is that only a few nations have been able to benefit from exports, the conventional pathway of economic development, and even those that have relied on their exports do not appear significantly better off for their trade. As noted above, Papua New Guinea and the Solomon Islands show the lowest per capita GDP in the region. Considering the living standard of the population and the strength of government services, Fiji seems to be the only Pacific nation to have prospered because of its exports. What of the other Pacific Island nations? What is the likelihood that they will develop a healthy export trade? All the other island nations show modest exports of less than 20 percent of GDP in fact, usually much lower than 20 percent. Vanuatu is an illustrative example. The country has no single major export, but a number of smaller commodities. Organic beef, among other products, is exported to other countries in a niche market. Agriculture,
21 Pacific Island Nations: How Viable Are Their Economies? 13 fishing, and forestry account for a substantial share in the country s exports, which altogether measure 20 percent of the total GDP. Overall, Vanuatu s economic future would seem to rest more on its growing tourist trade than its exports. Nauru, with exports amounting to 17 percent of GDP, has only the residue of its once plentiful phosphate supply as Most Pacific nations have very an export. Samoa s exports, registered at 13 percent of GDP, are almost entirely little to export, with their total composed of meat products and live animals (pigs and cows). The other Pacific exports amounting to about 10 percent of GDP or less. nations have very little to export, with their total exports amounting to about 10 percent of GDP or less. Their exports are generally a mix of fish and agricultural produce since there is little else to offer to foreign markets (UN Comtrade 2010). Although fish is the most plentiful resource in the area, it is a modest export item nearly everywhere in the Pacific. In those few nations where fish exports register any significant figures, as in FSM and the Solomon Islands, these figures include fish caught by foreign purse-seiners or long-liners registered in the country. Transshipment of fish caught in FSM waters was recorded as an export of $8.8 million in 2002, and the figure was considerably higher a few years earlier (Hezel 2006, 17). Foreign-owned fishing operations, however, do not usually have more than marginal impact on the local economy. Samoa, Tonga, the Cook Islands, and Vanuatu together recorded a total value The overall contribution of fishing of only $1 or 2 million a year in fish to the total GDP of these nations exports, with their combined total did not exceed 13 percent. amounting to only $5 6 million during 2007 (UN Comtrade 2010). This assessment of the modest contribution of fish and marine products to the overall exports of Pacific Island countries is consistent with a study commissioned a decade earlier by ADB. It pointed out that in 1999 the overall contribution of fishing (whether the fish was sold as an export item or eaten locally) to the total GDP of these nations did not exceed 13 percent and, in most cases, was much less than 8 percent (Gillette and Lightfoot 2001, 77). Agriculture is another field in which expectations have far exceeded results. Over the years one commercial crop after another has been introduced to the islands in the hope that a significant export would be created. Even before copra prices began dropping, development planners brought in cacao, ramie, pepper, oil palm, and an array of vegetables and fruits that might appeal to a foreign market. There have been a few successes: sugar was for years the
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