Question

Why was New International Economic Order (NIEO) formed ?

Answer 1

The New International Economic Order (NIEO) was a set of proposals put forward during the 1970's 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, and other means. It was meant to be a revision of the international economic system in favour of Third Worldcountries, 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.

Answer 2

see the attachement for ans