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UNCLOS

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UNCLOSUnited Nations Convention on the Law Of the Sea


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However, because of wrangling by the United States and other entrepreneurial powers reluctant to concede lucrative deep-seabed mining opportunities, UNCLOS was tediously renegotiated and only came into force in late 1994, with more than 60 countries as signatories.
The UNCLOS reflects a consensus that ocean resources should be used for the benefit of all mankind, and an assumption that the free-market system is selfish; that capitalism benefits only capitalists and cannot be controlled to make it benefit society in general.
This movement was propelled by the Truman Proclamation and was later encoded in UNCLOS as 200 nautical mile EEZs.
 
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