Question

What is meant by ‘New International Economic Order (NIEO)’? Explain its main objectives.

Hint:

NIEO was a demand by developing countries for a fair global economic system and reduction of economic inequality.

Answer 1

Introduction:
The New International Economic Order (NIEO) refers to a set of proposals put forward by developing countries during the 1970s to create a more just and equitable international economic system. It aimed to reduce inequalities between developed and developing countries. Main Objectives:
1. Economic Equality:
To reduce the economic gap between developed and developing nations and ensure fair participation in the global economy.
2. Fair Trade System:
To provide better trade opportunities and fair prices for the exports of developing countries.
3. Control over Natural Resources:
To allow developing countries full control and sovereignty over their natural resources for national development.
4. Transfer of Technology and Aid:
To encourage developed countries to share technology and provide financial assistance to developing nations. Conclusion:
Thus, the NIEO aimed at restructuring the global economic system to ensure fairness, equality, and sustainable development for developing countries.