prevailaboutrisksofstagnation orevenregression insome partsoftheworld. Thereisnodenying thatforsometimenowtheworld economy hasbeenfunctioning inanunevenandunsatisfac­ toryway.Inindustrial countries thewaveofhightechnology promises greataffluence butalsocausesovercapacity, obsolescence andunemployment. Manydeveloping countries, apartfrombasicproblems ofdevelopment, arecrippled by theirdebtburdens whichhavebeencompounded bytherise ininternational interestrates.Butallthesedifficulties, which arethesedaysofteneuphemistically described asadjustment problems, seemtobepartofonegreatprocessofglobalad­ justment whichismaderathermoredifficult bytheinclina­ tionofmanycountries toresorttoprotectionism orunilateral exchange ratepoliciestosolvetheirownproblems attheex­ penseofothercountries. Itwasthiskindofshort-sighted economic nationalism that brought theworldeconomy toacollapse inthe1930s.This waswhy,alongwiththefoundation oftheUnitedNations, agreateffortwasmadetosetupasystemofspecialized organizations intheareasofmoney,financeandtrade. Thedeliberations intheUnitedNationsonworldeconomic affairsareseldomconducted amongthosewhoareultimate­ lyresponsible fortheseissueswithintheirownGovernments. Financeministries andcentralbanksarerepresented inother international forums, suchastheWorldBankandtheInter­ national Monetary Fund,whosefunctions areexclusively the consideration ofeconomic, financial andmonetary issues. Andyetithasbecome increasingly clearinrecentyears thateconomic, financial, monetary andtradeissuesareso interrelated andareofsuchprofound political andsocialim­ portance thattheycanonlybedealtwitheffectively aspart ofawiderpolitical process. Inthecaseofinternational development thiswasrecognized inthecreation oftheUnited Nations Conference onTradeandDevelopment aswellas thecallforanewinternational economic order,butitisnow trueofanevenbroader rangeofissues.Thisdevelopment mustbereflected intheapproach oftheUnitedNations and inthenatureofgovernmental representation initifthe effortsonproblems whichaffectvirtually allhumanity are toberelevant andwellconceived. Theneedforinternational .co-operation ineconomic affairsmoreandmorecutsacrosstraditional sectoralboun­ dariesasrepresented nationally bydifferent ministries and internationally bydifferent specialized agencies. Whatisre­ quiredinmanycasesisamoreeffective andpragmatic use oftheUnitedNations asaforumforintegrating practical effort.Tl}isinnosensedetracts fromtheimportance ofthe4 ReportoftheSecretary-General ontheworkoftheOT'Kanization forrestraining dangerous trendsinthisfield-for example, workofthespecialized agencies-on thecontrary, itshould inregardtochemical weapons. enhance theireffectiveness andrelevance. Aparallel co- IbelievethattheOrganization's abilitytoassistinverifica- ordinating effortisnecess~ry a~thenati?nallevel. ~hereis tionandcompliance arrangements shouldalsobeactively aneedforgovernmental ~lD~stnes. toact.lDcon~rtWItheach explored. TheInternational Atomic Energy Agency has?thertowards agree~ObJectIves, IfthelDternatlOnal system uniqueexperience inmonitoring non-proliferation compliance IStoperform effectively. andensuring thepeaceful usesofnuclearenergy.Thisex- TheEconomic andSocialCouncil shouldhaveauseful pertisecouldbebuiltonandexpanded toprovideamonitor- function toserveinexploring newneedsandopportunities ingcapability fornuclear-arms agreements. Suggestions have forjointinternational action.Aneffortisbeingmadebyits alsobeenmade,andshouldbefurtherconsidered, forthemembers tomaketheCouncil moreeffective, andbythe UnitedNationstoverifycompliance throughseismicstations, Secretariat toenhance thequalityofsupport. Whilesome through on-siteinspection orthrough satellite observation. progress hasbeenmade,muchremains tobedoneifthe Council istofulfilthegreattaskallottedtoitintheCharter andtoindicate withclaritythedirections andthespiritin whichweshouldallacttogether. Wearefacingeconomic changes ofsuchmagnitude and complexity thatnocountry canadjusttotheminisolation. Weseethis,forexample, inattempts toprotectdomestic jobs fromimportcompetition, whichresultintheexporting of unemployment. Whatisclearlyrequired isawidervision andmoredynamic understanding oftheglobalnatureofthe problems wearefacing.Suchavisionhastobebasedon theopenrecognition ofinterdependence andthepractical necessity ofafairsharingofburdens andoftheaccommoda­ tionofothers.Theultimate rewards ofsuchasystem, for example, fulleruseofresources, lessunemployment and greatereconomic efficiency andsocialjustice, wouldbe immense. Unfortunately, thedifficulty ofgettingsuchan approach generally accepted isalsoimmense. Theinternational debtsituation isparticularly alarming. Manyofthedebtorcountries arenowagainfacingveryweak exportmarkets. Commodity pricesarelowerinrealterms thantheyhavebeensincethe1930sandarestilldeclining. Butinterestratesremainhigh,andthereseemstobeno tendency fornewlending toresume; ifanything, the opposite. Toadjusttothedrying-up ofbanklending, many
**Analysis**
The text primarily focuses on the global economic system, highlighting the challenges of economic development, international trade, and the need for cooperation among nations. It also touches on the themes of employment, debt, and the consequences of protectionism. The language used is formal and diplomatic, suggesting that the text may be a report or a speech from a high-level official or organization.

**Category**
Economic development, International trade