Routledge Dictionary of Economics, Second Edition
New International Economic Order (F0)
A proposal, popular amongst Marxian economists, to alleviate the problems of the THIRD WORLD by changes in international trading arrangements and a writing off of Third World countries’ debts. Originally proposed in a resolution of the General Assembly of the United Nations in May 1974, this order was intended to reduce, by international co-operation, the widening inequality between rich and poor countries.
Marketing boards, similar to the ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES, were suggested for many PRIMARY PRODUCTS so that income would be redistributed to poorer countries in the form of monopoly profits. Also, it was suggested that preferential treatment should be given for developing countries’ exports to developed countries to enhance poorer countries’ foreign trade earnings. This order overall hoped to raise living standards by a different approach to economic DEVELOPMENT.
See also: Brandt Commission; world debt problem
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