UN General Assembly
1977

89. But technological innovation alone cannot restore vigour to the international economic system. If the world economy is defined in terms of, and limited to, the economies of the rich North, then there is no way out of this crisis. The capacity of the North to absorb the products of its industries and enterprises has reached the point of near saturation. The debate about the limits to growth is applicable only to the handful of rich nations. Their economies possibly can grow no further. But if the world economy is defined to include the third world, then it is only in the initial stages of growth. As I pointed out earlier, the present crisis has its origins in the fierce competition among the industrialized nations for shrinking northern markets. After all, 70 per cent of the commerce of the countries of the Organisation for Economic Co-operation and Development is among member States.