text: corporations. Later, .efforts by the Commission · led to agreeme_nt on !:,he definition of transnational corporations and to substantial .progress on the treatment issues, notably on non-interference in internal host country affairs; fair and equitable treatment standards for corporations; jurisdiction, settlement of disputes and transparency of national norms. While the Commissio _n on Transnational Corporati _ons proceeds with the negotiation of the outstanding issues_ in the draft, c~de, progress has occurred on a wide range.of _spe~ific instruments relati,ng .t:o trap.snational corporations. Numerous other. international negotiations ar~ under, .way. covering .a wide range of functional and sector-specific issues •. I ••• E/C.10/1990/5 English Page 6 A. Recent changes of relevance to the code 1. Macro-economic chanq~s 7. Important macro-economic changes since the mid 1960s have shaped the nature of international policy issues in the current global system. International trade dominated the early period, but rapid transnational corporation expansion progressively tied national economies together and laid the foundation for an interdependent international economy. Investmen t issues joined trade concerns on the international agenda during the 1970s, as petro-dollar ·recycling and the collapse of the Bretton Woods system introduced new international monetary concerns. New financial issues emerged in the 1980s when the debt crisis and currency realignments became a focus of increasing publjc interest and concern. These phenomena are related in many complex ways. The macro-economic context in which these issues had to be considered linked together questions relating to trade, investment and the management of monetary aggregates. Against that backgro und the rigid categories used in the past on the analysis of policy issues have proved inadequate, and the development of a more appropriate policy dynamic has required a new synthesis. In searching for that synthesis~ the activities of transnational corporations have been a focal point, drawing together through their 
analysis: The text discusses the impact of transnational corporations on the international economy, mentioning topics such as international trade, investment, and monetary aggregates. It also touches on the concept of a "new synthesis" in policy dynamics. Given the focus on economic and financial issues, it is likely that the text belongs to a category related to economic development and international trade.