The New International Economic Order

New International Economic Order In the early 1960s, the economic disparity between the First World and the Third World or other world began to rise sharply. Because developed countries dominate over three quarters of the world economy, you can easily understand the disadvantages of the third world. Third world countries lack emerging capital, education and technology to compete with the first world. In the early 1970s, the United Nations began listening to the voices of these third world countries, and began developing strategies to solve these problems.

A new international economic order (NIEO) proposed some developing countries through the United Nations Conference on Trade and Development in the 1970s to promote profit by improving terms of trade, expanding development assistance, and raising customs duties in developed countries It is a series of recommendations. Reduction and other means The aim is to replace the Bretton Woods system that will modify the international economic system, support the countries of the Third World, and benefit the major countries that have created it, in particular the United States. Non-alignment movement requires this order

In fact, some of the new international economic order has not been implemented. Instead, since the 1980s, the Bretton Woods framework has been replaced by the Washington agreement and economic globalization, and will often be called neo-liberal. The economic scope of multinational companies will be greatly expanded, not limited. Product trading will shift from state-led cartels to financial markets. NIEO emphasized that even in the (previous) socialist group, central planning and country-specific resource allocation mechanisms are almost completely denied. The establishment of the World Trade Organization and the proliferation of free trade agreements will usually force reductions in trade barriers, which are strict and mutually beneficial terms.