New International Economic Order


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New International Economic Order (NIEO)

an economic and political concept that advocates the need for fundamental changes in the conduct of INTERNATIONAL TRADE and ECONOMIC DEVELOPMENT to redress the economic imbalance between the DEVELOPED COUNTRIES and the DEVELOPING COUNTRIES. The UNITED NATIONS responded to the call of developing countries for such a change by issuing in 1974 a Declaration and Programme of Action on the Establishment of a New Inter-national Economic Order that laid down principles and measures designed to improve the relative position of the developing countries. These initiatives have centred on the promotion of schemes such as:
  1. INTERNATIONAL COMMODITY AGREEMENTS to support developing countries’ primary-produce exports;
  2. the negotiation of special trade concessions to enable developing countries’ manufactured exports to gain greater access to the markets of the developed countries;
  3. the encouragement of a financial and real resource transfer programme of ECONOMIC AID;
  4. an increase in economic cooperation between the developing countries.

These aspirations have been pursued primarily through the UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT

but as yet have met with little success. new-issue market see CAPITAL MARKET.

References in periodicals archive ?
In spite of their third-world roots, it would be a mistake to consider that the design of a New International Economic Order was monopolized by leaders of developing countries.
In a separate United Nations Report, the question of whether international legal principles and norms related to the New International Economic Order was discussed.
One of the best Third World articulations of this theme is MOHAMMED BEDJAOUI, TOWARDS A NEW INTERNATIONAL ECONOMIC ORDER (1979).
The Debt Crisis: India's Growing Debt and the World Economy, Centre for Research in New International Economic Order (Madras, 1991), as quoted from Chandra Muzaffar: Human Rights and the New World Order, Just World Trust 1993, p.
A special session of the United Nations (UN) General Assembly in 1974 gave the first formal political endorsement to the movement for a new international economic order.
hegemony, the counterideology of the new international economic order, the debt crisis, and antilabor policies in Organization for Economic Cooperation and Development (i.
To overcome their economic and social problems, the developing countries called for major concessions, in particular, the establishment of a New International Economic Order.
His other books include Africa, A Subjective View (1964), Regionalism and the New International Economic Order (1981), and Creative Women in Changing Societies (1982).
I know he is the one who discouraged Carter from coming to a mini-summit I held in Jamaica about the new international economic order.
Indeed, the tenth essay seems to summarize Williamson's views on a new international economic order.
Wen Jiabao, Premier of the People's Republic of China, praised the Forum for reflecting the international community's "strong desire to establish a new international economic order.
The UN Declaration on the Right to Development in 1986 has its basis in the decolonization debate of the 50s and 60s that resulted in the call for the establishment of a new international economic order in which the newly independent States could guarantee their newly won political independence with economic independence.

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