The Return of the NIEO and the Retreat of Neo-Liberal International Law

Abstract

This chapter analyses the return to the principles of the New International Economic Order (NIEO) in context of the retreat of the neo-liberal tenets that is taking place and assesses the significance of this return. It describes the norms of NIEO, giving emphasis, as is natural in case of an author whose research interests are in the area of international law on foreign investment, to those norms of the NIEO concerned with foreign investment. It is also the area that Kamal Hossain has given the greatest attention in his writings. It also describes the circumstances that led to the eclipse of NIEO. The chapter argues that the neo-liberal tenets that led to the establishment of norms contrary to those contained in the NIEO are now in retreat and that there is a resurgence of the ideas founded on the basis of the NIEO, though not in the same exact form. Keywords: foreign investment; international law; Kamal Hossain; New International Economic Order (NIEO); norms; retreat of neo-liberal tenets