What is the meaning of the term “New International Economic Order”?
The term “New International Economic Order” is a euphemism for a program to bring about an equitable international economic order. The world’s leading Politicians, mostly from Northern Nations, met in Bretton Woods on July 1944 to discuss the reorganization of the world economy. This conference produced an exploitative world economic system. I the early 1960’s the Southern Nations rallied together in organizations such as, the Non-Aligned Movement and Group 77 to create The United Nations Conference on Trade and Development. The Bretton Woods plans for an international economic system based on the US dollar were dying. The efforts of the Southern Nations emerged in 1974 with the Declaration of Principles for a New International Economic Order. This “new order” requires the restoration of stable and sustained global economic growth, especially in the developing world. It is based on the principles of balanced, non-discriminatory trade relations, economic and technical cooperation, resol
In an attempt to discuss the ever-growing differences of economic status between first world and third world countries, the term New International Economic Order (NIEO) was used. Developed at the United Nations Conference of Trading and Developing, NIEO is equivalent to what developing countries see as economic equality in the future.
