text: 81. Newly evolving transnational arrangements appear to place a single nation's sovereignty more effectively at bay than did the unitary enterprises that existed when studies on transnational corporations first emerged. Elements of sovereignty are not being passed to some new international actor, however, but rather forfeited to a transnational economic process that needs a similar level of transnational policy response if public interests are to be served effectively. The draft code of conduct on transnational corporations provides the appropriate fr~newor~ to deal effectively with new policy concerns and issues. Conceptually, the code reflects a dual structure, recognizing that the global economy operates through the collective interaction of Governments and the private sector. Fol]ow-up actions under this code concept would seek a co-operative commitment to explore the mea~s and methods for dealing with the political as well as economic dimensions of global transnational corporation issues. 82. As interests and issues change, the effectiveness of proposed responses calls for reassessment. But in order to address the challenges arising in the evolving international system, negotiations on the code of conduct must first be freed from early ~ontroversies; the validity of old disagreements need to be re-examined, and the direction for mutually beneficial new steps established. With a renewed political commitment , Governments can dismantle negotiating barriers that are now more symbol than substance, breaking the impasse that has held the United Nations code discussion for nearly a decade. Compromises are possible along the lines recently suggested by groups of experts. 83. A code agreement resulting from renewed efforts would mark a significant transition from conflict to co-operation. World development needs are too great and the potential contributions of transnational corporations too-important to allow outdated antagonisms to block essential progress. Macro-economic trends and transnational business operations multiply integrative links between nations, but 
analysis: The text discusses the concept of transnational corporations, their impact on national sovereignty, and the need for a code of conduct to address public interests. It highlights the importance of cooperation between governments and the private sector to address global challenges. The text does not specifically mention economic development, natural resources, or environmental issues, but it does touch on the economic dimensions of global transnational corporation issues.