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The New International Economic Order (NIEO) is a set of proposals adopted by the United Nations in 1974. It calls for commodity cartels, increased industrialization, control of international corporations, more just monetary policy, and a UN commitment to economic and human rights.[1]
The NIEO arose amidst the OPEC oil strike of 1973, the subsequent quadrupling of oil prices, [2] and calls among underdeveloped nations for new relationships between raw materials producing countries and extracting nations. [3] The project of the NIEO collapsed with the failures of Atlantic liberalism and the Third World Project in the face of neoliberalism. [2]
References
- ↑ Vijay Prashad (2008). The Darker Nations: A People's History of the Third World: 'New Delhi' (pp. 211–4). [PDF] The New Press. ISBN 9781595583420 [LG]
- ↑ 2.0 2.1 “"A few years later, in 1973, the Third World Project mounted its
major assault against neo-colonialism, as oil prices quadrupled and
its demand for a New International Economic Order (NIEO) came to
the UN General Assembly"”
Vijay Prashad (2012). The Poorer Nations: A Possible History of the Global South: 'The Demise of Northern Atlantic Liberalism'. Verso. doi: 10.1177/0309816813505282 [HUB] - ↑ UN. General Assembly (6th special sess. : 1974) (1974-05-02). Resolutions adopted by the General Assembly during its 6th special session United Nations Digital Library. Archived from the original. Retrieved 2023-07-03.