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.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
(43) The Commission lent support to a variety of elements in the NIEO platform, such as technology transfer and commodity market stabilization, and even included the general issue of "roads to a new international economic order" in its formal terms of reference.
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.
(87) The New International Economic Order created the pre-conditions for the establishment of an environment conducive to transnational activity and the development of transnational norms.
The Washington International Business Report, a monthly newsletter that serves US multinationals, dubbed all this action "Return of the Codes." Demands from developing countries in the seventies for a "New International Economic Order," the WIBR suggested, have finally converged with "the new millennial proposals for regulation of rampant globalization by somebody." Only, of course, regulation is exactly what the companies hope to avoid.
post-World War II hegemony was being widely challenged by an emerging movement of nonaligned countries, proponents of a New International Economic Order, and third world insurgent forces, notably in Cuba and Vietnam.
This dialectic of defense and subversion was exemplified by the New International Economic Order ("NIEO") in the 1970s.
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. The 1980s were characterized by growing inequalities of income and wealth both within and among nations.
Addresses delivered to the conference by Mahbub ul Haq ("The Bretton Woods Institutions and Global Governance") and by Lawrence Summers ("Shared Prosperity and the New International Economic Order") are presented in an Annex.
hegemony, the counterideology of the new international economic order, the debt crisis, and antilabor policies in Organization for Economic Cooperation and Development (i.e., the privileged) nations.
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).

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