NIEO:- New International Economic Order
NIEO stands for New International Economic Order. NIEO was a bunch of proposals proposed in the 1970’s by some of the developing countries. This was done through the United Nations Conference on Trade and Development. The aim was to promote their interests by taking up measures like better terms of trade, an increase in development assistance, a decrease in tariffs of developed countries and other such means. It was intended to be a revised version of the international economic system with favorable terms for the Third World countries. It demanded the replacement of the Bretton Woods system that had benefited the United States who had made it. Non-Aligned Movement demanded this new order. NIEO proposed that the planning should be central. It opposed the free markets. It is promoted the French mercantilist idea. This idea basically proposed that international trade would be a zero-sum game which means there should be no causes and no net benefits. It also had the view that the rich shouldn’t be benefited and the poor should not bear any expenses. However, this idea of the zero-sum transaction was opposed by some American economists.
