Developing world no longer committed to "common heritage of mankind" concept in globalized world

Based on the example of the deep seabed, it appears that CHM has lost much of its attraction for developing countries. The political and economic conditions that led to the UNCLOS have changed significantly. The treaties containing the concept of the CHM were argued vehemently in the politically tense at- mosphere of the Cold War. The primary goal was to prevent the former Soviet Union and the United States from gaining a mili- tary advantage, rather than developing a regime that would support private development.3' The end ofthe Cold War and the adoption of a market-economy approach by most developing countries has pushed the idea of capitalism and the free market approach into the limelight. 2 Through years of discussion, most scholars believe that the CHM, while maintaining some policy significance, lacks the force of accepted international law.33 A great number of persons even consider the concept as meaning- less and lacking no practical value.