UN General Assembly
1989

The phenomena which continue to characterize international economic relations, perpetuating this unjust situation, which are particularly evident in third-world nations with respect to unpayable external debt, are well known: protectionism? difficult access to markets for the main products of the developing countries; deterioration in the terms of trade? dumping; reduced financial flews? high interest rates? coercive economic measures? international monetary and financial instability? and external debt. All of this has resulted, in the recent past, in a net transfer of resources from the developing countries to the industrialized nations, causing not only continued plundering that prevents growth and development but also a new form of economic colonialism. Suffice it to mention, as an example, that the transfer of resources from Latin American countries to their creditors, in recent years alone, amounts to $179 billion. This represents 4 par cent of their annual gross domestic product - a figure that exceeds, by far, Germany's forced external net transfer of resources after its defeat in the First World War.