Discuss briefly about the New International Economic Order
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Explanation:
The New International Economic Order (NIEO) represents an alternative worldview of the global political economy to emerge during the 1970s.[1] More specifically, this worldview included a reconsideration of existing relationships, structures, and processes that were dominant in the global political economy of that time, and advocated for the universal integration of classical liberalism in the global economy.
First introduced in 1972 through the Santiago United Nations Conference on Trade and Development, developing countries of the Non-Aligned Movement would critique increasing global inequality and promote their interests by improving their terms of trade, increasing development assistance, developed-country tariff reductions, and other political agreements designed to reduce trade barriers[2]. These proposals included the revision of the international economic system in favor of Third World countries, replacing the Bretton Woods system, which had benefited the leading states that had created it – especially the United States. This set of proposals proclaimed that facilitating the rate of economic development and market share among developing countries will fight global issues such as hunger and despair more effectively[3]. However, these proposals would ultimately fail, contributing to the formulation of the "Right to Development" in 1986 [4].
Answer:
The New International Economic Order (NIEO) was a set of proposals put forward during the 1970s by some developing countries through the United Nations Conference on Trade and Development to promote their interests by improving their terms of trade, increasing development assistance, developed-country tariff reductions ...