A special session of the United Nations General Assembly was held in 1974 at which a Declaration (UNGA Res 3201 (S-VI)) and a programme of action (UNGA Res 3202 (S-VI)) on the establishment of a New International Economic Order were adopted. Both documents are concerned principally with economic matters, but their influence is wider and in a number of areas affects the legal position of states as members of the international community. The Declaration states that the new international economic order is to be based on “equity, sovereign equality, interdependence, common interest and cooperation among all states”. Its objective is to alter the traditional requirement of effective compensation for nationalization of foreign-owned property. The municipal law of the nationalizing state would thus govern, rather than the customary practice establishing a right of compensation for the taking of alien property.