A Fresh Look at the Local Remedies Rule

Abstract

The 1960’s have been designated by the General Assembly as “United Nations Development Decade.” The main economic objective for the decade is the creation of conditions in which the national incomes of the developing countries will increase by 5 per cent yearly by 1970, and will continue to increase at the same rate thereafter. The means by which this objective is being pursued are many; among others are national planning, technical training and capital assistance, by both multilateral and bilateral agencies. Successful as these public sector assistance schemes have been, however, it is now recognized that an increasingly large share of responsibility must be borne by the private sector of the economies of the developed nations by means of overseas investment and international trade.