New International Economic Order

New International Economic Order - A collection of proposals presented in the 1970s by underdeveloped and developing countries at the United Nations Conference on Trade and Development. They aimed at encouraging international cooperation to reduce the gap between developed and developing countries. These demands were to revise the international economic system (with benefits for third world countries), replacing the Bretton Woods system, which benefited the countries that passed it, and above all the United States. History

The name of the New International Economic Order comes from the Declaration on the Creation of a New International Economic Order, adopted by the United Nations General Assembly in May 1974. This Declaration referred to broadly understood economic fields such as trade, finance, goods and affairs. with loans (1 May 1974, A / RES / S-6/3201). The consequence of this declaration was the creation of a dialogue plan between industrialized and developing countries (known as the North-South Dialogue). The talks focused on rebuilding the world economy in such a way as to allow for a growing share of trade and benefits. The Declaration adopted the Plan of Action and the Statute of the Rights and Duties of the States - Resolution 3281 (XXIX) of the General Assembly and the Charter of Economic Rights of the States signed in New York on 14 December 1974 (this Statute was never adopted).

In the 1970s and 1980s the underdeveloped and developing countries pushed for the adoption of the New International Economic Order and the accompanying package of other documents by the United Nations National Assembly. Unfortunately, these postulates have gained only political value, except for a few that have been partially successful, such as the Code of Conduct for Restricted Business Practices adopted in 1980 and the Common Goods Fund, which entered into force in 1989.

NELE claims are often seen as a sign of differences between the North and South (rich North and poor South). The people of the South are demanding greater participation in world income, addressing their claims to the rich North. The main driving force behind the NME concept was the combination of huge income spans and slow progress (or even lack thereof) in reducing the development gap between low-income countries and other groups of countries. demands

The main postulates of the New International Economic Order are:

1. Developing countries are empowered to regulate and control the activities of international corporations operating in the country.

2. Developing countries must be free to nationalize or expropriate foreign assets under favorable conditions.

3. Developing countries must be free to create unions of key commodity producers (like OPEC), all other countries must recognize this right and not take economic, military or political restrictions.

4. International trade should be based on the need to ensure the stability, equality and profitability of commodity prices, general non-reciprocal and non-discriminatory tariff p as well as technology transfer to developing countries, and should also provide economic and technical assistance without any obligation.

5. Developed countries should increase imports of industrial products from developing countries. Bibliography

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