On this day in ...... 1962, the U.N. General Assembly passed Resolution 1803 (XVII), "Permanent sovereignty over natural resources," which declared:
The right of peoples and nations to permanent sovereignty over their natural wealth and resources must be exercised in the interest of their national development and of the well-being of the people of the State concerned.
It then set forth principles framing the exercise of these rights. Among them was a right to nationalize property upon payment of "appropriate compensation"-- though not "prompt adequate and effective compensation," as the United States had urged. The resolution also promised "good faith" adherence to "[f]oreign investment agreements freely entered into by or between sovereign States," a formulation that omits investment contracts entered under colonialism. (photo credit)
(Prior December 14 posts are here, here, and here.)
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