UN General Assembly
1989

The need to establish a new economic system of this kind is more urgent today than it was 20 years ago. For the developing countries, the 1970s and the 1980s are lost decades for development. However, the world economy is changing: today, no single country can claim economic dominance over others. Therefore, a fair and just international economic system is for the mutual benefit of the developed and the developing countries. It is only through such an economic system that today's pressing global economic problems can be adequately redressed.