New International Economic Order

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Whats NIEO?

TheNew International Economic Order(NIEO) was a set of proposals put forward during the 1970s by some developing countries through theUnited Nations Conference on Trade and Development to promote their interests by improving theirterms of trade, increasing development assistance, developedcountry tariff reductions, and other 4/10/12 means. It was meant to be a revision

United Nations Conference on Trade and Development

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Third World Or Third world Countries

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First World (Blue): the United States and its allies. Second World (Red): the Soviet Union, China, and their allies.

Bretton Woods system

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The main tenets of NIEO were:

Developing countries must be entitled to regulate and control the activities ofmultinational corporationsoperating within their territory. They must be free to nationalize or expropriate foreignpropertyon conditions favourable to them.
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They must be free to set up associations of primary commodities producers similar to the OPEC; all other States must recognize this right and refrain from taking economic, military, or political measures calculated to restrict it. International tradeshould be based on the need to ensure stable,equitable, andremunerativepricesforraw 4/10/12 materials, generalizednon-

Ideology

Mercantilist Ideas Central planning vs. free markets

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Criticism
Price regulation is inefficient

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