New International Economic Order

A Dictionary of World History | 2000 | 700+ words | Copyright

New International Economic Order (NIEO) A set of demands formulated by a group of THIRD WORLD countries at a special session of the UNITED NATIONS GENERAL ASSEMBLY in 1974. The NIEO envisaged a restructuring of the present international economic system to improve the position of the DEVELOPING COUNTRIES (the South) with respect to the advanced industrialized countries (the North). The demands included increased control by developing countries over their own resources, the promotion of INDUSTRIALIZATION, an increase in development assistance, and alleviation of debt problems. While the demand for an NIEO was in part a reflection of frustration at the inability to break out of the cycle of underdevelopment, it also drew inspiration from the experience of OPEC in successfully raising world energy prices. By the 1990s the NIEO had not materialized, having met the joint obstacles of Western resistance, and lack of commitment and support from the developing countries themselves. (See also NORTH—SOUTH RELATIONS, BRANDT REPORT.)

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