Base-induced disproportionation reaction between two aldehydes, producing alcohol and carboxylic acid, respectively. If the starting material is an α-ketoaldehyde, an intramolecular Cannizzaro disproportionation reaction can also occur (see Examples 1, 5 and 6). Aldehydes may be aromatic aldehydes, formaldehyde or other aliphatic aldehydes with no α-hydrogens.