DECOLONIZATION AND NEW INTERNATIONAL ECONOMIC ORDER

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DECOLONIZATION AND NEW INTERNATIONAL ECONOMIC ORDER

Journal Title: Scientific Work - Year 2023, Vol 17, Issue 5

Abstract

The New International Economic Order (NIEO) was a set of proposals for restructuring the global economy, put forward by developing countries in the 1970s. The NIEO was a response to the perceived injustices of the existing economic order, which was dominated by developed countries and multinational corporations. The NIEO called for a more equitable distribution of wealth and resources between developed and developing countries, and for greater control by developing countries over their own natural resources and economic policies. It proposed measures such as commodity price stabilization, debt relief, technology transfer, and greater representation for developing countries in international economic institutions. However, the NIEO was ultimately unsuccessful in achieving its goals. Developed countries and multinational corporations were opposed to many of the proposed reforms, and were able to block or water down many of them in international negotiations. Nonetheless, the NIEO remains an important historical example of the efforts of developing countries to challenge the existing global economic order and to promote a more equitable distribution of resources and power.

Authors and Affiliations

Khanim Rahimova

Keywords

EP ID EP752933
DOI 10.36719/2663-4619/90/102-106
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