interlinked across national boundaries in ways that leave them not fully under the control of a single corporate office against whom national regulations can be applied. Attempts to apply national regulations to the full array of intercorporate partners in a global network would raise extra-territorial jurisdiction issues even more divisive than in the past. This change then places a higher premium than before on forging a broad international framework for managing such potential political difficulties. The objective should now be at least as important for home cou~try Governments as for hosts, since formal control over the parent headquarters no ,_l,,pnger guarantees effective control over the range of business dealings in wh.i'ch that transnational corporation may be invol vecl. 53. A second major implication of this change relates to the notion of transnational corporation commitment and corporate responsibility. As transnational corporations emphasize non-equity investments and explore flexible arrangements among multiple business partners, a transnational corporation's long-tern stake in any specific host location might be thereby reduced. A challenge for the code's follow-up discussions will be to account for this change in the consideration of ownership and control issues, while exploring ways to enhance transnational corporation stakes in the economic growth and social vitality of developing country regions, including business arrangements that call tie these areas more effectively into the global market system. 4. Emerging transnational corporation issues 54. An interactive dynamic exists, therefore, between changing transnational corporation characteristics and policy concerns associated with transnational corporation activities and influence. The policy issues raised by current , transnational corporation operations may need to be assessed in order to determine how best to apply code standards to appropriate types of transnational corporation-related issues and to identify new concerns that may arise from evolving transnational corporation structures, functions , and sectoral concentrations. The essence of a code for transnational corporations revolves 
**Analysis**
The text discusses the implications of changing characteristics of transnational corporations on policy concerns and the need for a code to manage their activities. It highlights the challenges of regulating their operations across national boundaries and the need for a broad international framework to address potential political difficulties. The text also touches on the issue of corporate responsibility and the need to enhance transnational corporation stakes in developing country regions.

**Category**
International trade, Industry