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The nationalization of foreign-owned property presents problems which put a severe strain upon some of the accepted principles of international law. Chandler Anderson, one of the founding members of the American Society of International Law, pointed out nearly a quarter of a century ago that the principle which safeguards foreign-owned property from confiscation in time of peace “has become a part of the law of nations not merely because it represents a universally recognized standard ofjustice, but also because it is absolutely essential for the welfare of every nation, for without its protection no commercial, or financial international intercourse could safely be carried on.” Since that time, the practice of expropriating foreign property by "nationalization" has spread from Soviet Kussia to other countries constituting important parts of the free world strongly opposed to Communism.