A new economic order for global prosperity

Abstract

The 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, and other means. It was meant to be a revision of the international economic system in favor of the Third World countries, replacing the Bretton Woods system, which had benefited the leading states that had created it. The term was derived from the Declaration for the Establishment of a New International Economic Order, adopted by the United Nations General Assembly in 1974, and referred to a wide range of trade, financial, commodity, and debt-related issues (1 May 1974, A/RES/S-6/3201). This followed an agenda for discussions between industrial and developing countries, focusing on restructuring of the world’s economy to permit greater participation by and benefits to developing countries (also known as the “NorthSouth Dialogue”). Along with the declaration, a Program of Action and a Charter of Economic Rights and Duties of States (12 December 1974, A/RES/29/3281) were also adopted.