this development is neither evenly distributed nor irreversible. Without appropriate guidance from the international community, commercial processes may leave a backwater of underdevelopment that is politically and ethjcally unacceptable. Newly resurgent neo-mercantilism, whether manifested nationally or regionally, can threaten global ties, as can public policies basea upon misconceived I• • • E/C.10/1990/5 English Page 25 or misapplied concepts regarding private enterprises. An international framework covering the conduct and impact of transnational business as welJ. as government treatment of transnational corporations would help minimize friction and conflict while encouraging beneficial economic growth. The code would provide a stable multilateral framework and a platform from which to launch follow-up initiatives, combining public and private sector resources in pursuit of renewed growth and development. 84. Meanwhile, movement continues on co-operative, issue-specific agreements that address a range of international problems in a variety of multilateral forums. But unless a global comprehensive framework on foreign direct investment is adopted, more cohesive regional collections of countries will co11tinue to deal with tl1e issues that most concern them. The danger with this piecemeal approach is that it excludes some affected parties and ignores the ultimate politicaJ. implications of such actions. If the world community possesses no vision of the future, activity will be defined by the pressures of the present, and those pressures are drawing nations into regional economic blocs that threaten increased political confrontations, especially along a North/South divide. Notes .!/ The New Co<Je Environment. Current Studies, Series A (United Nations publication, forthcoming). ~/ International Direct Investment: Global Trencls and the U.S. Role. 1988 edit. (Washington, D,C., International Trade Administration, United States Department of Col1\ll\erce, November 1988), p. l; and Transuational Corporations in World Development; Trenc;!:,; and Prospects (United Nations publication , Sales No. E.88.II.A.7 and Corr.1). ]./ United States Department of Commerce, Internat.ional Trade Administration 
**Analysis**
The text appears to discuss the challenges and opportunities of globalization, international trade, and foreign direct investment. It highlights the importance of a global framework to regulate the conduct and impact of transnational business, and the potential risks of regional economic blocs and underdevelopment. The text also touches on the need for international cooperation and coordination to promote economic growth and development.

**Category**
International trade, Economic development