a balanced international economy, both at its foundations and with regard to the distribution of wealth, can be reformulated. A retrospective assessment of the situation that has prevailed during the l980s should prompt deep anxiety and concern in the international community. For the vast majority of our countries, that decade has meant marginalization in relation to international economic processes, which in turn led to a dramatic deterioration of our economies and a worsening of the social conditions of our peoples. RM/4 A/S-18/PV. 3 12 (Mr. Larco Cox, Peru) We cannot ignore the fact that, in addition to world-wide changes in patterns of production and consumption, the vast majority of developing countries continue to be hurt by a massive net transfer of resources towards the North, an overwhelming debt problem, the re-emergence and intensification of protectionist practices and other trade restrictions, a deterioration in the terms of trade and a permanent technological backwardness. As a result, in the social sphere we have witnessed unprecedented levels of extrene poverty, and indicators of infant mortality, nutrition, health and unemployment have deteriorated to the levels of more than 20 years ago. In short, this has been a wasted decade for development. The efforts of our Governments to achieve development have been fruitless, and -without denying the merits of initiatives taken in specific situations -the actions of the international community have had neither the scope nor the nature the problem requires. The international economic institutions that emerged in the post-war era have proved unable to foresee or to correct today's structural imbalances and the profound world crisis. In the particular case of Latin America, the situation is even more complex, because there we are faced with additional factors. Export prices on comnodi ties that are of basic importance to the region are depressed. The overwhelming debt 
**Analysis**
The text is primarily concerned with the economic issues faced by developing countries, particularly in Latin America, and the inability of international economic institutions to address these issues. The author highlights the negative impact of globalization on these countries, including the transfer of resources to the North, debt, protectionism, and technological backwardness. The text also touches on the social consequences of these economic issues, such as poverty, infant mortality, and unemployment.

**Category**
Economic development, International trade