Before I proceed further, I must qive credit to the Secretary-General for his report to the Preparatory Committee on the state of international economic co-operation and effective ways and means of revitalizinq the economic qrowth and development of developinq countries (A/AC. 233/5). This verv clear report renders our deliberations here much easier. JB/31 A/S -18/PV. 8 146 (Mr. Borq Olivier, Malta) As so many learned sPeakers have already made their statements, I am left with very 1 ittle to add to what has already been said and needed to be said. In those circumstances, in Cl'l effort not to repeat what others have said so well, I shall comment briefly on the well-known traditional factors of production -land, labour, capital and entrepreneurshiP -in the light of recent exPerience. Experience has shown that it is no lonqer possible to exploit the resources of our planet without takinq fully into account the impact on our environment. In the past there was not sufficient awareness that certain patterns of consumption and production could lead to environmental degradation. Now that we realize that we need to protect our common environmental heritage, both the developed and the developinq countries have embarked on a path that we hope will lead us to forge an acceptable Pattern of sustainable development without causinq anv further damaqe to our environment. The process leadinq to the Conference on Environment and DeveloPment in 1992 has alreadv begun, and it is there that the concept of sustainable develoPment will be examined in all its asPects. I simply wish to highlight one area of international develoPmental co-operatioo that will obviously appear in one form or another in the forthcoming discussions on environment and develoPment. In economic theory and cost-benefit analysis there is a whole series of studies ancil models on externalities or "unpriced goods or bads that accrue to third 
**Analysis**
The text discusses the state of international economic cooperation, the need for sustainable development, and the impact of human activity on the environment. It also touches on the concept of externalities in economic theory and cost-benefit analysis. These topics suggest that the text is related to economic development and the environment.

**Category**
Economic development, Natural resources and environment