Question

Explain the idea of new international economic order (nieo) for the development of least developed countries (ldcs). Highlight any three reforms proposed by the united nations conference on trade and development in 1972 to improve the global trading system

Answer 1

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Answer 2

Answer:

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 ... was meant to be a revision of the international economic system in favour of Third World countries, replacing the Bretton Woods system, which had benefited the leading states that had created it – especially the United States. This order was demanded by the Non-Aligned Movement