Question

Explain atleast 6 factors weakend NIEO.​

Answer 1

Answer:

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].

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Answer 2

Answer:

The New International Economic Order (NIEO) represents an alternative worldview of the global political economy to emerge during the 1970s.

Factors are:

(1) The big gap between the Developed and Developing countries:

A big economic gap exists between the developed and the lowly developed countries. The former with about 20% of world population, control more than 80% of world income and wealth. The latter has to satisfy the needs of about 80% of world population with the help of less than 20% of resources. The per capita income of the two dozen industrialized countries is between $ 3,000 to $ 6,000, where as that of the developing countries is about $100 to $300.

(2) Continuously Increasing Gap:

The existing big economic and development gap between the North and the South has been increasing at an alarming rate. The developed are becoming richer and the developing are becoming poorer, By virtue of being technologically advanced and industrially developed, the countries of the North are strengthening their control over international trade and income. Both UNCTAD and WTO have virtually failed to prevent this widening gap between the rich and the poor.

(3) Global Interdependence but continued low role of the Developing Countries:

Despite the big gap that exists between the developed and the developing countries, the global interdependence has increased in our times. Both the developed and the developing countries today find themselves increasingly dependent upon each other. However, this global interdependence continues to be exploited by the former for strengthening their economic positions. The hope that the developed countries would come forth with international actions augmenting the transfer of resources and liberalisation of trade, has proved to be wrong.

(4) Economic Neo-Colonialism:

Despite the sovereign equality of all the members of international community, the developing countries find themselves living in an era of neo­colonialism in which the developed countries continue to control their economies and policies. The dawn of independence and the resulting sovereign status has made them free only politically, economically and in actual practice they continue to be dependent upon the developed countries. Being poor and under-developed they find themselves helplessly dependent upon the developed states for securing foreign aid.

(5) Excessive Exploitation of World Income and Resources by the Developed Countries:

The continued heavy exploitation of world resources and income by the developed countries has given strength to the demand for NIEO. Under multifarious disguises, the rich countries have been successful in maintaining the appropriation of world resources to the detriment of poor and weak countries. Being technologically and industrially advanced and economically affluent, the developed countries continue to have a virtual control over the raw material markets, what practically amounts to a monopoly over manufactured products and capital equipment.

6. The role of the Multinational Corporations as agents of Neo-colonialism:

Through a large and extensive network of transnational/ multinational corporations, the developed countries have been exercising an unhealthy and undesirable control over the economies and policies of the developing countries. Most of the MNCs are owned by the people of the developed countries and these function as their extra-governmental arms for extending their control over markets, economies and policies of the developing countries.