The authors used an 11-region, 22-commodity world net trade model to study the economic implications of agricultural policy reform in industrial market economies. Their analysis shows that elimination of protectionist agricultural policies would drive up world prices for most commodities and that the increases would be closely related to the levels of government assistance. The results also indicate that the United States would improve its agricultural balance of trade, while the European Community and Japan would face considerably larger trade deficits. All three economies, however, would experience income gains from multilateral liberalization, though, on a per capita basis, these gains would be small.