text: called attention to these and other needs for effective international co-operation. j>/ At some time or other, almost every international institution or agency and most Governments have called for international co-operation to achieve objectives that should command broad agreement among nations. Yet such agreement now consistently eludes the international community. This lack of agreement on universally agreed action, whether by way of reform or innovation, is often presented and explained in technical terms. We believe, however, that, increasingly, what lies at the heart of such disagreements is a lack of enthusiasm for, or even belief in, the need for global co-operation at all. Nations with strong economies, ignoring the lessons of a not-so-distant history, tend to believe that they can go it alone. What is needed is a process of renewal: renewal of commitment to multilateralism as an essential element. -16- 78. The world economy has been subjected to massive shocks during the last decade. Those shocks have contributed to the weakening of multilateralism, but equally, they also point to the need to strengthen it. The threat to multilateralism, therefore, is not merely a matter of morality. It is one of hard- headed self-interest for all countries and all people. As the United Nations on its fortieth anniversary looks back to the bright hopes that prevailed at the signing of the Charter and the many successes for international co-operation that were part of the realization of those hopes in the early post-war years, both the United Nations itself and the world's nations in whose name it functions need to reaffirm their belief in the essential virtue of multilateralism and to do so not as a matter of form, but of conviction. 79. The essential task of renewal falls on Governments - most of all in terms of 
analysis: The text discusses the importance of multilateralism and international cooperation, highlighting the need for nations to work together to achieve common goals. It specifically mentions the world economy and its recent shocks, which have contributed to the weakening of multilateralism. This suggests that the text is focused on the global economic context and the need for international cooperation to address economic challenges.