New International Economic Order (NIEO): Origin, Elements and Criticisms

Abstract

Employing secondary sources of data this paper aims to assess the history, elements, and criticisms against New International Economic Order (NIEO). NIEO is mainly an economic movement happened after WWII with the aim of empowering developing countries politically through economic growth. It also criticizes the existing political and economic system as benefiting developed countries at the cost of developing countries so that a new system is needed that benefits poor countries. However, many criticize NIEO as hypothetical and unorganized movement. Clear division and disagreements among its members is evident. Developing countries failed to form unity, committed to meet the objectives of NIEO, and unable to compete in the market.