What was the UN Code of Conduct for TNCs (transnational corporations)?
Judith Richter: The UN Code of Conduct was a very broad, nonbinding code, which tried to ensure that corporations would contribute to national economic development and to prevent harm to citizens all over the world. It was proposed in the early 1970s, but never finalized. MM: What happened with negotiations over the Code? Richter: There was a very drawn out process trying to work on it. Corporations were actually included in the negotiations. In 1992, it was said that the work would be abandoned, because it was not possible to come to any consensus. But those who had worked on the UN Code said actually it was nearly complete. Their assessment is that change in the balance of power following the end of the Cold War made it much harder to push for control of corporations. The other political change was that the notion of allowing corporations to regulate themselves had made more and more inroads since the election of Reagan and Thatcher. Both of course pushed for deregulation of the corp
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